Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,052/mo
Lowest payment- Down payment
- $92,743
- Funds due
- $101,606
- Interest + MI left
- $81,861
- First ends
- Mar 2050
Assumption
Assumption + second
$1,615/mo
+$563/mo- Down payment
- $22,743
- Funds due
- $33,011
- Interest + MI left
- $214,626
- First ends
- Mar 2050
New loan
New conventional
$1,650/mo
+$598/mo- Down payment
- $22,743
- Funds due
- $29,817
- Interest + MI left
- $295,587
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $132,157 | $132,157 | $202,157 |
| Second mortgage | — | $70,000 | — |
| First P&I | $702.73 | $702.73 | $1,369.48 |
| Second P&I | — | $563.24 | — |
| Mortgage insurance | $108.95 | $108.95 | $40.43 |
| Taxes, insurance & HOA | $240.00 | $240.00 | $240.00 |
| Total housing payment | $1,051.68 | $1,614.92 | $1,649.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,743
Closing costs & prepaids$10,268
Usable credit−$0
Total buyer cash needed$33,011
Earnest money paid−$0
Remaining funds due$33,011
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,249.00
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)$270.00
Prepaid interest, first (9 days)$118.62
Prepaid interest, second (9 days)$155.34
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 3 moOf the original 30-year loan at 3.64%
Interest already paid$35,272Through Dec 2026
Assumption only · ends Mar 2050$81,861
Assumption + second · ends Mar 2050, second Jan 2057$214,626
New conventional · ends Jan 2057$295,587