Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,523/mo
Lowest payment- Down payment
- $130,601
- Funds due
- $140,924
- Interest + MI left
- $105,966
- First ends
- Sep 2050
Assumption
Assumption + second
$2,312/mo
+$789/mo- Down payment
- $32,601
- Funds due
- $44,294
- Interest + MI left
- $291,837
- First ends
- Sep 2050
New loan
New conventional
$2,426/mo
+$903/mo- Down payment
- $32,601
- Funds due
- $40,999
- Interest + MI left
- $420,167
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $189,399 | $189,399 | $287,399 |
| Second mortgage | — | $98,000 | — |
| First P&I | $945.67 | $945.67 | $1,946.94 |
| Second P&I | — | $788.53 | — |
| Mortgage insurance | $155.68 | $155.68 | $57.48 |
| Taxes, insurance & HOA | $422.00 | $422.00 | $422.00 |
| Total housing payment | $1,523.35 | $2,311.88 | $2,426.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,601
Closing costs & prepaids$11,694
Usable credit−$0
Total buyer cash needed$44,294
Earnest money paid−$0
Remaining funds due$44,294
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,200.00
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)$816.00
Prepaid interest, first (5 days)$81.99
Prepaid interest, second (5 days)$120.82
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 closing23 yr 9 moOf the original 30-year loan at 3.16%
Interest already paid$40,545Through Dec 2026
Assumption only · ends Sep 2050$105,966
Assumption + second · ends Sep 2050, second Jan 2057$291,837
New conventional · ends Jan 2057$420,167