Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,305/mo
Lowest payment- Down payment
- $88,879
- Funds due
- $98,195
- Interest + MI left
- $96,335
- First ends
- Nov 2049
Assumption
Assumption + second
$1,820/mo
+$515/mo- Down payment
- $24,879
- Funds due
- $35,524
- Interest + MI left
- $217,720
- First ends
- Nov 2049
New loan
New conventional
$1,854/mo
+$550/mo- Down payment
- $24,879
- Funds due
- $32,279
- Interest + MI left
- $314,456
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $151,121 | $151,121 | $215,121 |
| Second mortgage | — | $64,000 | — |
| First P&I | $825.54 | $825.54 | $1,457.30 |
| Second P&I | — | $514.96 | — |
| Mortgage insurance | $125.19 | $125.19 | $43.02 |
| Taxes, insurance & HOA | $354.00 | $354.00 | $354.00 |
| Total housing payment | $1,304.73 | $1,819.69 | $1,854.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,879
Closing costs & prepaids$10,645
Usable credit−$0
Total buyer cash needed$35,524
Earnest money paid−$0
Remaining funds due$35,524
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,400.00
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)$612.00
Prepaid interest, first (5 days)$79.08
Prepaid interest, second (5 days)$78.90
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 3.82%
Interest already paid$44,553Through Dec 2026
Assumption only · ends Nov 2049$96,335
Assumption + second · ends Nov 2049, second Jan 2057$217,720
New conventional · ends Jan 2057$314,456