Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,162/mo
Lowest payment- Down payment
- $131,268
- Funds due
- $140,680
- Interest + MI left
- $69,788
- First ends
- Sep 2047
Assumption
Assumption + second
$1,940/mo
+$778/mo- Down payment
- $25,268
- Funds due
- $36,023
- Interest + MI left
- $243,792
- First ends
- Sep 2047
New loan
New conventional
$1,918/mo
+$756/mo- Down payment
- $25,268
- Funds due
- $32,752
- Interest + MI left
- $324,580
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $118,632 | $118,632 | $224,632 |
| Second mortgage | — | $106,000 | — |
| First P&I | $695.04 | $695.04 | $1,511.11 |
| Second P&I | — | $777.79 | — |
| Mortgage insurance | $104.51 | $104.51 | $44.93 |
| Taxes, insurance & HOA | $362.42 | $362.42 | $362.42 |
| Total housing payment | $1,161.96 | $1,939.75 | $1,918.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,268
Closing costs & prepaids$10,755
Usable credit−$0
Total buyer cash needed$36,023
Earnest money paid−$0
Remaining funds due$36,023
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,499.00
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)$637.25
Prepaid interest, first (4 days)$50.57
Prepaid interest, second (4 days)$92.93
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 closing20 yr 9 moOf the original 30-year loan at 3.89%
Interest already paid$48,245Through Dec 2026
Assumption only · ends Sep 2047$69,788
Assumption + second · ends Sep 2047, second Jan 2057$243,792
New conventional · ends Jan 2057$324,580