Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,143/mo
Lowest payment- Down payment
- $99,335
- Funds due
- $108,403
- Interest + MI left
- $88,827
- First ends
- Sep 2049
Assumption
Assumption + second
$1,747/mo
+$603/mo- Down payment
- $24,335
- Funds due
- $34,819
- Interest + MI left
- $231,075
- First ends
- Sep 2049
New loan
New conventional
$1,765/mo
+$622/mo- Down payment
- $24,335
- Funds due
- $31,613
- Interest + MI left
- $318,262
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $142,665 | $142,665 | $217,665 |
| Second mortgage | — | $75,000 | — |
| First P&I | $777.58 | $777.58 | $1,474.54 |
| Second P&I | — | $603.47 | — |
| Mortgage insurance | $118.93 | $118.93 | $43.53 |
| Taxes, insurance & HOA | $246.83 | $246.83 | $246.83 |
| Total housing payment | $1,143.34 | $1,746.81 | $1,764.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,335
Closing costs & prepaids$10,484
Usable credit−$0
Total buyer cash needed$34,819
Earnest money paid−$0
Remaining funds due$34,819
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,420.00
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)$290.50
Prepaid interest, first (9 days)$131.92
Prepaid interest, second (9 days)$166.44
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 3.75%
Interest already paid$42,412Through Dec 2026
Assumption only · ends Sep 2049$88,827
Assumption + second · ends Sep 2049, second Jan 2057$231,075
New conventional · ends Jan 2057$318,262