Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,051/mo
Lowest payment- Down payment
- $114,844
- Funds due
- $123,928
- Interest + MI left
- $79,210
- First ends
- Dec 2049
Assumption
Assumption + second
$1,775/mo
+$724/mo- Down payment
- $24,844
- Funds due
- $35,378
- Interest + MI left
- $249,907
- First ends
- Dec 2049
New loan
New conventional
$1,783/mo
+$733/mo- Down payment
- $24,844
- Funds due
- $32,154
- Interest + MI left
- $321,890
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $130,146 | $130,146 | $220,146 |
| Second mortgage | — | $90,000 | — |
| First P&I | $694.76 | $694.76 | $1,491.35 |
| Second P&I | — | $724.16 | — |
| Mortgage insurance | $108.11 | $108.11 | $44.03 |
| Taxes, insurance & HOA | $248.00 | $248.00 | $248.00 |
| Total housing payment | $1,050.87 | $1,775.03 | $1,783.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,844
Closing costs & prepaids$10,534
Usable credit−$0
Total buyer cash needed$35,378
Earnest money paid−$0
Remaining funds due$35,378
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,449.90
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)$294.00
Prepaid interest, first (9 days)$115.85
Prepaid interest, second (9 days)$199.73
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 yrOf the original 30-year loan at 3.61%
Interest already paid$35,881Through Dec 2026
Assumption only · ends Dec 2049$79,210
Assumption + second · ends Dec 2049, second Jan 2057$249,907
New conventional · ends Jan 2057$321,890