Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,258/mo
Lowest payment- Down payment
- $130,068
- Funds due
- $139,737
- Interest + MI left
- $98,493
- First ends
- Jun 2050
Assumption
Assumption + second
$1,992/mo
+$734/mo- Down payment
- $30,068
- Funds due
- $41,185
- Interest + MI left
- $262,648
- First ends
- Jun 2050
New loan
New conventional
$2,116/mo
+$858/mo- Down payment
- $30,068
- Funds due
- $37,965
- Interest + MI left
- $387,321
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $164,932 | $164,932 | $264,932 |
| Second mortgage | — | $100,000 | — |
| First P&I | $854.44 | $854.44 | $1,794.74 |
| Second P&I | — | $733.76 | — |
| Mortgage insurance | $135.62 | $135.62 | $52.99 |
| Taxes, insurance & HOA | $268.00 | $268.00 | $268.00 |
| Total housing payment | $1,258.06 | $1,991.83 | $2,115.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,068
Closing costs & prepaids$11,117
Usable credit−$0
Total buyer cash needed$41,185
Earnest money paid−$0
Remaining funds due$41,185
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,950.00
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)$354.00
Prepaid interest, first (9 days)$140.31
Prepaid interest, second (9 days)$197.26
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 closing23 yr 6 moOf the original 30-year loan at 3.45%
Interest already paid$40,110Through Dec 2026
Assumption only · ends Jun 2050$98,493
Assumption + second · ends Jun 2050, second Jan 2057$262,648
New conventional · ends Jan 2057$387,321