Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,635/mo
Lowest payment- Down payment
- $110,634
- Funds due
- $120,686
- Interest + MI left
- $133,510
- First ends
- Dec 2049
Assumption
Assumption + second
$2,255/mo
+$620/mo- Down payment
- $33,634
- Funds due
- $45,049
- Interest + MI left
- $279,551
- First ends
- Dec 2049
New loan
New conventional
$2,349/mo
+$714/mo- Down payment
- $33,634
- Funds due
- $41,768
- Interest + MI left
- $433,277
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $219,366 | $219,366 | $296,366 |
| Second mortgage | — | $77,000 | — |
| First P&I | $1,171.04 | $1,171.04 | $2,007.69 |
| Second P&I | — | $619.56 | — |
| Mortgage insurance | $182.22 | $182.22 | $59.27 |
| Taxes, insurance & HOA | $282.00 | $282.00 | $282.00 |
| Total housing payment | $1,635.26 | $2,254.82 | $2,348.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,634
Closing costs & prepaids$11,415
Usable credit−$0
Total buyer cash needed$45,049
Earnest money paid−$0
Remaining funds due$45,049
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,300.00
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)$396.00
Prepaid interest, first (6 days)$130.18
Prepaid interest, second (6 days)$113.92
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 yrOf the original 30-year loan at 3.61%
Interest already paid$60,479Through Dec 2026
Assumption only · ends Dec 2049$133,510
Assumption + second · ends Dec 2049, second Jan 2057$279,551
New conventional · ends Jan 2057$433,277