Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,422/mo
Lowest payment- Down payment
- $91,834
- Funds due
- $101,407
- Interest + MI left
- $105,394
- First ends
- Nov 2049
Assumption
Assumption + second
$1,945/mo
+$523/mo- Down payment
- $26,834
- Funds due
- $37,737
- Interest + MI left
- $228,676
- First ends
- Nov 2049
New loan
New conventional
$1,996/mo
+$574/mo- Down payment
- $26,834
- Funds due
- $34,482
- Interest + MI left
- $340,688
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $168,066 | $168,066 | $233,066 |
| Second mortgage | — | $65,000 | — |
| First P&I | $911.81 | $911.81 | $1,578.87 |
| Second P&I | — | $523.00 | — |
| Mortgage insurance | $139.46 | $139.46 | $46.61 |
| Taxes, insurance & HOA | $370.92 | $370.92 | $370.92 |
| Total housing payment | $1,422.19 | $1,945.19 | $1,996.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,834
Closing costs & prepaids$10,903
Usable credit−$0
Total buyer cash needed$37,737
Earnest money paid−$0
Remaining funds due$37,737
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,599.00
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)$662.75
Prepaid interest, first (5 days)$86.34
Prepaid interest, second (5 days)$80.14
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 closing22 yr 11 moOf the original 30-year loan at 3.75%
Interest already paid$48,684Through Dec 2026
Assumption only · ends Nov 2049$105,394
Assumption + second · ends Nov 2049, second Jan 2057$228,676
New conventional · ends Jan 2057$340,688