Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$995/mo
Lowest payment- Down payment
- $128,614
- Funds due
- $137,450
- Interest + MI left
- $40,457
- First ends
- Feb 2043
Assumption
Assumption + second
$1,773/mo
+$778/mo- Down payment
- $22,614
- Funds due
- $32,910
- Interest + MI left
- $214,461
- First ends
- Feb 2043
New loan
New conventional
$1,659/mo
+$663/mo- Down payment
- $22,614
- Funds due
- $29,704
- Interest + MI left
- $297,384
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $97,386 | $97,386 | $203,386 |
| Second mortgage | — | $106,000 | — |
| First P&I | $650.34 | $650.34 | $1,377.81 |
| Second P&I | — | $777.79 | — |
| Mortgage insurance | $104.66 | $104.66 | $40.68 |
| Taxes, insurance & HOA | $240.42 | $240.42 | $240.42 |
| Total housing payment | $995.41 | $1,773.20 | $1,658.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,614
Closing costs & prepaids$10,296
Usable credit−$0
Total buyer cash needed$32,910
Earnest money paid−$0
Remaining funds due$32,910
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,260.00
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)$271.25
Prepaid interest, first (9 days)$80.20
Prepaid interest, second (9 days)$209.10
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 closing16 yr 2 moOf the original 30-year loan at 3.34%
Interest already paid$57,592Through Dec 2026
Assumption only · ends Feb 2043$40,457
Assumption + second · ends Feb 2043, second Jan 2057$214,461
New conventional · ends Jan 2057$297,384