Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,201/mo
Lowest payment- Down payment
- $158,562
- Funds due
- $168,442
- Interest + MI left
- $90,388
- First ends
- Jul 2050
Assumption
Assumption + second
$2,133/mo
+$932/mo- Down payment
- $31,562
- Funds due
- $42,942
- Interest + MI left
- $298,865
- First ends
- Jul 2050
New loan
New conventional
$2,252/mo
+$1,051/mo- Down payment
- $31,562
- Funds due
- $39,700
- Interest + MI left
- $414,287
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $156,338 | $156,338 | $283,338 |
| Second mortgage | — | $127,000 | — |
| First P&I | $796.54 | $796.54 | $1,919.43 |
| Second P&I | — | $931.88 | — |
| Mortgage insurance | $128.67 | $128.67 | $56.67 |
| Taxes, insurance & HOA | $276.00 | $276.00 | $276.00 |
| Total housing payment | $1,201.21 | $2,133.09 | $2,252.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,562
Closing costs & prepaids$11,380
Usable credit−$0
Total buyer cash needed$42,942
Earnest money paid−$0
Remaining funds due$42,942
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,149.00
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)$378.00
Prepaid interest, first (9 days)$127.60
Prepaid interest, second (9 days)$250.52
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 7 moOf the original 30-year loan at 3.31%
Interest already paid$36,023Through Dec 2026
Assumption only · ends Jul 2050$90,388
Assumption + second · ends Jul 2050, second Jan 2057$298,865
New conventional · ends Jan 2057$414,287