Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,068/mo
Lowest payment- Down payment
- $114,541
- Funds due
- $123,574
- Interest + MI left
- $79,668
- First ends
- Dec 2049
Assumption
Assumption + second
$1,792/mo
+$724/mo- Down payment
- $24,541
- Funds due
- $34,846
- Interest + MI left
- $250,365
- First ends
- Dec 2049
New loan
New conventional
$1,835/mo
+$768/mo- Down payment
- $24,541
- Funds due
- $31,560
- Interest + MI left
- $334,326
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $130,449 | $130,449 | $220,449 |
| Second mortgage | — | $90,000 | — |
| First P&I | $694.76 | $694.76 | $1,526.34 |
| Second P&I | — | $724.16 | — |
| Mortgage insurance | $108.11 | $108.11 | $44.09 |
| Taxes, insurance & HOA | $264.92 | $264.92 | $264.92 |
| Total housing payment | $1,067.79 | $1,791.95 | $1,835.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,541
Closing costs & prepaids$10,305
Usable credit−$0
Total buyer cash needed$34,846
Earnest money paid−$0
Remaining funds due$34,846
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,449.90
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)$344.75
Prepaid interest, first (1 days)$12.90
Prepaid interest, second (1 days)$22.19
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 1 moOf the original 30-year loan at 3.610%
Interest already paid$35,489Through Nov 2026
Assumption only · ends Dec 2049$79,668
Assumption + second · ends Dec 2049, second Dec 2056$250,365
New conventional · ends Dec 2056$334,326