Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$673/mo
Lowest payment- Down payment
- $101,219
- Funds due
- $109,469
- Interest + MI left
- $44,623
- First ends
- Jan 2050
Assumption
Assumption + second
$1,340/mo
+$668/mo- Down payment
- $18,219
- Funds due
- $27,903
- Interest + MI left
- $202,044
- First ends
- Jan 2050
New loan
New conventional
$1,313/mo
+$641/mo- Down payment
- $18,219
- Funds due
- $24,699
- Interest + MI left
- $229,177
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $73,781 | $73,781 | $156,781 |
| Second mortgage | — | $83,000 | — |
| First P&I | $391.39 | $391.39 | $1,062.09 |
| Second P&I | — | $667.84 | — |
| Mortgage insurance | $61.20 | $61.20 | $31.36 |
| Taxes, insurance & HOA | $220.00 | $220.00 | $220.00 |
| Total housing payment | $672.59 | $1,340.43 | $1,313.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,219
Closing costs & prepaids$9,684
Usable credit−$0
Total buyer cash needed$27,903
Earnest money paid−$0
Remaining funds due$27,903
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,750.00
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)$210.00
Prepaid interest, first (9 days)$64.95
Prepaid interest, second (9 days)$184.19
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 1 moOf the original 30-year loan at 3.57%
Interest already paid$19,860Through Dec 2026
Assumption only · ends Jan 2050$44,623
Assumption + second · ends Jan 2050, second Jan 2057$202,044
New conventional · ends Jan 2057$229,177