Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,150/mo
Lowest payment- Down payment
- $124,578
- Funds due
- $133,992
- Interest + MI left
- $86,968
- First ends
- Jul 2050
Assumption
Assumption + second
$1,931/mo
+$780/mo- Down payment
- $27,578
- Funds due
- $38,434
- Interest + MI left
- $270,942
- First ends
- Jul 2050
New loan
New conventional
$1,986/mo
+$835/mo- Down payment
- $27,578
- Funds due
- $35,197
- Interest + MI left
- $361,772
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $150,422 | $150,422 | $247,422 |
| Second mortgage | — | $97,000 | — |
| First P&I | $766.40 | $766.40 | $1,676.12 |
| Second P&I | — | $780.48 | — |
| Mortgage insurance | $123.80 | $123.80 | $49.48 |
| Taxes, insurance & HOA | $260.00 | $260.00 | $260.00 |
| Total housing payment | $1,150.20 | $1,930.68 | $1,985.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,578
Closing costs & prepaids$10,855
Usable credit−$0
Total buyer cash needed$38,434
Earnest money paid−$0
Remaining funds due$38,434
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,750.00
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)$330.00
Prepaid interest, first (8 days)$109.13
Prepaid interest, second (8 days)$191.34
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 8 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$34,659Through Dec 2026
Assumption only · ends Jul 2050$86,968
Assumption + second · ends Jul 2050, second Jan 2057$270,942
New conventional · ends Jan 2057$361,772