Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,293/mo
Lowest payment- Down payment
- $153,832
- Funds due
- $163,621
- Interest + MI left
- $62,520
- First ends
- May 2045
Assumption
Assumption + second
$2,210/mo
+$917/mo- Down payment
- $28,832
- Funds due
- $39,981
- Interest + MI left
- $267,714
- First ends
- May 2045
New loan
New conventional
$2,128/mo
+$835/mo- Down payment
- $28,832
- Funds due
- $36,678
- Interest + MI left
- $362,872
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $126,167 | $126,167 | $251,167 |
| Second mortgage | — | $125,000 | — |
| First P&I | $783.01 | $783.01 | $1,689.62 |
| Second P&I | — | $917.21 | — |
| Mortgage insurance | $121.69 | $121.69 | $50.23 |
| Taxes, insurance & HOA | $388.00 | $388.00 | $388.00 |
| Total housing payment | $1,292.70 | $2,209.91 | $2,127.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,832
Closing costs & prepaids$11,149
Usable credit−$0
Total buyer cash needed$39,981
Earnest money paid−$0
Remaining funds due$39,981
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,799.99
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$714.00
Prepaid interest, first (4 days)$50.05
Prepaid interest, second (4 days)$109.59
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing18 yr 5 moOf the original 30-year loan at 3.62%
Interest already paid$63,206Through Dec 2026
Assumption only · ends May 2045$62,520
Assumption + second · ends May 2045, second Jan 2057$267,714
New conventional · ends Jan 2057$362,872