Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,290/mo
Lowest payment- Down payment
- $137,292
- Funds due
- $147,025
- Interest + MI left
- $100,768
- First ends
- Sep 2049
Assumption
Assumption + second
$2,075/mo
+$785/mo- Down payment
- $30,292
- Funds due
- $41,486
- Interest + MI left
- $276,414
- First ends
- Sep 2049
New loan
New conventional
$2,150/mo
+$860/mo- Down payment
- $30,292
- Funds due
- $38,250
- Interest + MI left
- $394,211
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $162,608 | $162,608 | $269,608 |
| Second mortgage | — | $107,000 | — |
| First P&I | $884.55 | $884.55 | $1,826.42 |
| Second P&I | — | $785.13 | — |
| Mortgage insurance | $135.62 | $135.62 | $53.92 |
| Taxes, insurance & HOA | $270.00 | $270.00 | $270.00 |
| Total housing payment | $1,290.17 | $2,075.30 | $2,150.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,292
Closing costs & prepaids$11,195
Usable credit−$0
Total buyer cash needed$41,486
Earnest money paid−$0
Remaining funds due$41,486
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.00
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)$360.00
Prepaid interest, first (9 days)$149.55
Prepaid interest, second (9 days)$211.07
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 closing22 yr 9 moOf the original 30-year loan at 3.73%
Interest already paid$48,096Through Dec 2026
Assumption only · ends Sep 2049$100,768
Assumption + second · ends Sep 2049, second Jan 2057$276,414
New conventional · ends Jan 2057$394,211