Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,184/mo
Lowest payment- Down payment
- $163,537
- Funds due
- $173,252
- Interest + MI left
- $80,720
- First ends
- Nov 2047
Assumption
Assumption + second
$2,160/mo
+$976/mo- Down payment
- $30,537
- Funds due
- $41,765
- Interest + MI left
- $299,046
- First ends
- Nov 2047
New loan
New conventional
$2,149/mo
+$965/mo- Down payment
- $30,537
- Funds due
- $38,494
- Interest + MI left
- $393,944
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $136,462 | $136,462 | $269,462 |
| Second mortgage | — | $133,000 | — |
| First P&I | $794.64 | $794.64 | $1,825.43 |
| Second P&I | — | $975.91 | — |
| Mortgage insurance | $119.63 | $119.63 | $53.89 |
| Taxes, insurance & HOA | $270.00 | $270.00 | $270.00 |
| Total housing payment | $1,184.26 | $2,160.17 | $2,149.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,537
Closing costs & prepaids$11,228
Usable credit−$0
Total buyer cash needed$41,765
Earnest money paid−$0
Remaining funds due$41,765
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.99
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)$360.00
Prepaid interest, first (9 days)$130.56
Prepaid interest, second (9 days)$262.36
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 closing20 yr 11 moOf the original 30-year loan at 3.88%
Interest already paid$54,194Through Dec 2026
Assumption only · ends Nov 2047$80,720
Assumption + second · ends Nov 2047, second Jan 2057$299,046
New conventional · ends Jan 2057$393,944