Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,379/mo
Lowest payment- Down payment
- $143,177
- Funds due
- $153,226
- Interest + MI left
- $106,994
- First ends
- Jun 2050
Assumption
Assumption + second
$2,186/mo
+$807/mo- Down payment
- $33,177
- Funds due
- $44,693
- Interest + MI left
- $287,564
- First ends
- Jun 2050
New loan
New conventional
$2,337/mo
+$958/mo- Down payment
- $33,177
- Funds due
- $41,465
- Interest + MI left
- $430,934
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $184,723 | $184,723 | $294,723 |
| Second mortgage | — | $110,000 | — |
| First P&I | $945.30 | $945.30 | $1,996.56 |
| Second P&I | — | $807.14 | — |
| Mortgage insurance | $152.32 | $152.32 | $58.94 |
| Taxes, insurance & HOA | $281.17 | $281.17 | $281.17 |
| Total housing payment | $1,378.79 | $2,185.93 | $2,336.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,177
Closing costs & prepaids$11,516
Usable credit−$0
Total buyer cash needed$44,693
Earnest money paid−$0
Remaining funds due$44,693
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,279.00
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)$393.50
Prepaid interest, first (9 days)$151.68
Prepaid interest, second (9 days)$216.99
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 6 moOf the original 30-year loan at 3.33%
Interest already paid$43,424Through Dec 2026
Assumption only · ends Jun 2050$106,994
Assumption + second · ends Jun 2050, second Jan 2057$287,564
New conventional · ends Jan 2057$430,934