Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,126/mo
Lowest payment- Down payment
- $112,485
- Funds due
- $121,694
- Interest + MI left
- $88,797
- First ends
- Apr 2050
Assumption
Assumption + second
$1,818/mo
+$692/mo- Down payment
- $26,485
- Funds due
- $37,135
- Interest + MI left
- $251,908
- First ends
- Apr 2050
New loan
New conventional
$1,846/mo
+$720/mo- Down payment
- $26,485
- Funds due
- $33,906
- Interest + MI left
- $334,035
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $142,515 | $142,515 | $228,515 |
| Second mortgage | — | $86,000 | — |
| First P&I | $756.85 | $756.85 | $1,548.04 |
| Second P&I | — | $691.98 | — |
| Mortgage insurance | $117.19 | $117.19 | $45.70 |
| Taxes, insurance & HOA | $252.00 | $252.00 | $252.00 |
| Total housing payment | $1,126.04 | $1,818.02 | $1,845.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,485
Closing costs & prepaids$10,650
Usable credit−$0
Total buyer cash needed$37,135
Earnest money paid−$0
Remaining funds due$37,135
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,550.00
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)$306.00
Prepaid interest, first (9 days)$128.26
Prepaid interest, second (9 days)$190.85
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 4 moOf the original 30-year loan at 3.65%
Interest already paid$37,616Through Dec 2026
Assumption only · ends Apr 2050$88,797
Assumption + second · ends Apr 2050, second Jan 2057$251,908
New conventional · ends Jan 2057$334,035