Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,074/mo
Lowest payment- Down payment
- $135,578
- Funds due
- $144,993
- Interest + MI left
- $79,049
- First ends
- Sep 2050
Assumption
Assumption + second
$1,867/mo
+$792/mo- Down payment
- $27,578
- Funds due
- $38,456
- Interest + MI left
- $256,337
- First ends
- Sep 2050
New loan
New conventional
$1,986/mo
+$911/mo- Down payment
- $27,578
- Funds due
- $35,245
- Interest + MI left
- $361,772
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $139,422 | $139,422 | $247,422 |
| Second mortgage | — | $108,000 | — |
| First P&I | $699.77 | $699.77 | $1,676.12 |
| Second P&I | — | $792.47 | — |
| Mortgage insurance | $114.47 | $114.47 | $49.48 |
| Taxes, insurance & HOA | $260.00 | $260.00 | $260.00 |
| Total housing payment | $1,074.24 | $1,866.70 | $1,985.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,578
Closing costs & prepaids$10,878
Usable credit−$0
Total buyer cash needed$38,456
Earnest money paid−$0
Remaining funds due$38,456
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,750.00
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)$330.00
Prepaid interest, first (9 days)$110.35
Prepaid interest, second (9 days)$213.04
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 9 moOf the original 30-year loan at 3.21%
Interest already paid$30,301Through Dec 2026
Assumption only · ends Sep 2050$79,049
Assumption + second · ends Sep 2050, second Jan 2057$256,337
New conventional · ends Jan 2057$361,772