Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,039/mo
Lowest payment- Down payment
- $136,747
- Funds due
- $146,036
- Interest + MI left
- $77,784
- First ends
- Jun 2050
Assumption
Assumption + second
$1,846/mo
+$807/mo- Down payment
- $26,747
- Funds due
- $37,431
- Interest + MI left
- $258,354
- First ends
- Jun 2050
New loan
New conventional
$1,932/mo
+$894/mo- Down payment
- $26,747
- Funds due
- $34,179
- Interest + MI left
- $351,290
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $130,253 | $130,253 | $240,253 |
| Second mortgage | — | $110,000 | — |
| First P&I | $674.79 | $674.79 | $1,627.56 |
| Second P&I | — | $807.14 | — |
| Mortgage insurance | $107.11 | $107.11 | $48.05 |
| Taxes, insurance & HOA | $256.83 | $256.83 | $256.83 |
| Total housing payment | $1,038.73 | $1,845.87 | $1,932.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,747
Closing costs & prepaids$10,684
Usable credit−$0
Total buyer cash needed$37,431
Earnest money paid−$0
Remaining funds due$37,431
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,670.00
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)$320.50
Prepaid interest, first (6 days)$73.87
Prepaid interest, second (6 days)$144.66
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 yr 6 moOf the original 30-year loan at 3.45%
Interest already paid$31,677Through Dec 2026
Assumption only · ends Jun 2050$77,784
Assumption + second · ends Jun 2050, second Jan 2057$258,354
New conventional · ends Jan 2057$351,290