Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,010/mo
Lowest payment- Down payment
- $164,462
- Funds due
- $173,989
- Interest + MI left
- $75,488
- First ends
- Feb 2050
Assumption
Assumption + second
$2,000/mo
+$991/mo- Down payment
- $29,462
- Funds due
- $40,505
- Interest + MI left
- $297,097
- First ends
- Feb 2050
New loan
New conventional
$2,046/mo
+$1,036/mo- Down payment
- $29,462
- Funds due
- $37,237
- Interest + MI left
- $373,537
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $120,538 | $120,538 | $255,538 |
| Second mortgage | — | $135,000 | — |
| First P&I | $646.28 | $646.28 | $1,731.10 |
| Second P&I | — | $990.58 | — |
| Mortgage insurance | $99.46 | $99.46 | $51.11 |
| Taxes, insurance & HOA | $264.00 | $264.00 | $264.00 |
| Total housing payment | $1,009.74 | $2,000.32 | $2,046.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,462
Closing costs & prepaids$11,043
Usable credit−$0
Total buyer cash needed$40,505
Earnest money paid−$0
Remaining funds due$40,505
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,850.00
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)$342.00
Prepaid interest, first (9 days)$109.97
Prepaid interest, second (9 days)$266.30
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 2 moOf the original 30-year loan at 3.7%
Interest already paid$33,124Through Dec 2026
Assumption only · ends Feb 2050$75,488
Assumption + second · ends Feb 2050, second Jan 2057$297,097
New conventional · ends Jan 2057$373,537