Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,296/mo
Lowest payment- Down payment
- $98,923
- Funds due
- $108,350
- Interest + MI left
- $94,779
- First ends
- Jan 2050
Assumption
Assumption + second
$1,892/mo
+$595/mo- Down payment
- $24,923
- Funds due
- $35,692
- Interest + MI left
- $235,131
- First ends
- Jan 2050
New loan
New conventional
$1,924/mo
+$628/mo- Down payment
- $24,923
- Funds due
- $32,444
- Interest + MI left
- $327,638
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $150,077 | $150,077 | $224,077 |
| Second mortgage | — | $74,000 | — |
| First P&I | $810.50 | $810.50 | $1,517.98 |
| Second P&I | — | $595.42 | — |
| Mortgage insurance | $123.97 | $123.97 | $44.82 |
| Taxes, insurance & HOA | $361.67 | $361.67 | $361.67 |
| Total housing payment | $1,296.13 | $1,891.55 | $1,924.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,923
Closing costs & prepaids$10,768
Usable credit−$0
Total buyer cash needed$35,692
Earnest money paid−$0
Remaining funds due$35,692
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,490.00
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)$635.00
Prepaid interest, first (5 days)$77.09
Prepaid interest, second (5 days)$91.23
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 1 moOf the original 30-year loan at 3.75%
Interest already paid$42,338Through Dec 2026
Assumption only · ends Jan 2050$94,779
Assumption + second · ends Jan 2050, second Jan 2057$235,131
New conventional · ends Jan 2057$327,638