Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,113/mo
Lowest payment- Down payment
- $157,204
- Funds due
- $166,580
- Interest + MI left
- $59,512
- First ends
- Apr 2045
Assumption
Assumption + second
$2,059/mo
+$947/mo- Down payment
- $28,204
- Funds due
- $39,000
- Interest + MI left
- $271,273
- First ends
- Apr 2045
New loan
New conventional
$1,981/mo
+$868/mo- Down payment
- $28,204
- Funds due
- $35,717
- Interest + MI left
- $360,661
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $117,696 | $117,696 | $246,696 |
| Second mortgage | — | $129,000 | — |
| First P&I | $739.39 | $739.39 | $1,671.20 |
| Second P&I | — | $946.56 | — |
| Mortgage insurance | $113.37 | $113.37 | $49.34 |
| Taxes, insurance & HOA | $260.00 | $260.00 | $260.00 |
| Total housing payment | $1,112.75 | $2,059.31 | $1,980.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,204
Closing costs & prepaids$10,796
Usable credit−$0
Total buyer cash needed$39,000
Earnest money paid−$0
Remaining funds due$39,000
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,749.00
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 (6 days)$72.17
Prepaid interest, second (6 days)$169.64
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 closing18 yr 4 moOf the original 30-year loan at 3.73%
Interest already paid$61,163Through Dec 2026
Assumption only · ends Apr 2045$59,512
Assumption + second · ends Apr 2045, second Jan 2057$271,273
New conventional · ends Jan 2057$360,661