Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$810/mo
Lowest payment- Down payment
- $146,069
- Funds due
- $154,888
- Interest + MI left
- $40,596
- First ends
- Jun 2045
Assumption
Assumption + second
$1,712/mo
+$903/mo- Down payment
- $23,069
- Funds due
- $33,381
- Interest + MI left
- $242,507
- First ends
- Jun 2045
New loan
New conventional
$1,648/mo
+$839/mo- Down payment
- $23,069
- Funds due
- $30,141
- Interest + MI left
- $295,216
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $78,931 | $78,931 | $201,931 |
| Second mortgage | — | $123,000 | — |
| First P&I | $494.36 | $494.36 | $1,367.95 |
| Second P&I | — | $902.53 | — |
| Mortgage insurance | $75.43 | $75.43 | $40.39 |
| Taxes, insurance & HOA | $240.00 | $240.00 | $240.00 |
| Total housing payment | $809.79 | $1,712.32 | $1,648.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,069
Closing costs & prepaids$10,311
Usable credit−$0
Total buyer cash needed$33,381
Earnest money paid−$0
Remaining funds due$33,381
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,250.00
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)$270.00
Prepaid interest, first (9 days)$73.37
Prepaid interest, second (9 days)$242.63
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing18 yr 6 moOf the original 30-year loan at 3.77%
Interest already paid$40,667Through Dec 2026
Assumption only · ends Jun 2045$40,596
Assumption + second · ends Jun 2045, second Jan 2057$242,507
New conventional · ends Jan 2057$295,216