Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$649/mo
Lowest payment- Down payment
- $109,718
- Funds due
- $117,895
- Interest + MI left
- $29,832
- First ends
- Apr 2045
Assumption
Assumption + second
$1,390/mo
+$740/mo- Down payment
- $17,718
- Funds due
- $27,349
- Interest + MI left
- $204,323
- First ends
- Apr 2045
New loan
New conventional
$1,276/mo
+$627/mo- Down payment
- $17,718
- Funds due
- $24,133
- Interest + MI left
- $221,870
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $59,782 | $59,782 | $151,782 |
| Second mortgage | — | $92,000 | — |
| First P&I | $373.73 | $373.73 | $1,028.22 |
| Second P&I | — | $740.25 | — |
| Mortgage insurance | $57.73 | $57.73 | $30.36 |
| Taxes, insurance & HOA | $217.83 | $217.83 | $217.83 |
| Total housing payment | $649.29 | $1,389.54 | $1,276.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,718
Closing costs & prepaids$9,632
Usable credit−$0
Total buyer cash needed$27,349
Earnest money paid−$0
Remaining funds due$27,349
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,695.00
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)$203.50
Prepaid interest, first (9 days)$54.10
Prepaid interest, second (9 days)$204.16
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 closing18 yr 4 moOf the original 30-year loan at 3.67%
Interest already paid$30,609Through Dec 2026
Assumption only · ends Apr 2045$29,832
Assumption + second · ends Apr 2045, second Jan 2057$204,323
New conventional · ends Jan 2057$221,870