Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,167/mo
Lowest payment- Down payment
- $80,729
- Funds due
- $89,779
- Interest + MI left
- $81,291
- First ends
- Jun 2050
Assumption
Assumption + second
$1,633/mo
+$467/mo- Down payment
- $22,729
- Funds due
- $33,101
- Interest + MI left
- $191,296
- First ends
- Jun 2050
New loan
New conventional
$1,713/mo
+$546/mo- Down payment
- $22,729
- Funds due
- $29,882
- Interest + MI left
- $288,364
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $139,271 | $139,271 | $197,271 |
| Second mortgage | — | $58,000 | — |
| First P&I | $714.90 | $714.90 | $1,336.38 |
| Second P&I | — | $466.68 | — |
| Mortgage insurance | $114.76 | $114.76 | $39.45 |
| Taxes, insurance & HOA | $337.00 | $337.00 | $337.00 |
| Total housing payment | $1,166.66 | $1,633.34 | $1,712.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,729
Closing costs & prepaids$10,372
Usable credit−$0
Total buyer cash needed$33,101
Earnest money paid−$0
Remaining funds due$33,101
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,200.00
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)$561.00
Prepaid interest, first (5 days)$64.10
Prepaid interest, second (5 days)$71.51
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 6 moOf the original 30-year loan at 3.36%
Interest already paid$33,022Through Dec 2026
Assumption only · ends Jun 2050$81,291
Assumption + second · ends Jun 2050, second Jan 2057$191,296
New conventional · ends Jan 2057$288,364