Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,134/mo
Lowest payment- Down payment
- $106,155
- Funds due
- $115,201
- Interest + MI left
- $91,410
- First ends
- Sep 2050
Assumption
Assumption + second
$1,769/mo
+$636/mo- Down payment
- $27,155
- Funds due
- $37,471
- Interest + MI left
- $241,244
- First ends
- Sep 2050
New loan
New conventional
$1,912/mo
+$778/mo- Down payment
- $27,155
- Funds due
- $34,164
- Interest + MI left
- $366,774
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $162,845 | $162,845 | $241,845 |
| Second mortgage | — | $79,000 | — |
| First P&I | $811.18 | $811.18 | $1,674.49 |
| Second P&I | — | $635.65 | — |
| Mortgage insurance | $133.54 | $133.54 | $48.37 |
| Taxes, insurance & HOA | $188.92 | $188.92 | $188.92 |
| Total housing payment | $1,133.63 | $1,769.28 | $1,911.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,155
Closing costs & prepaids$10,315
Usable credit−$0
Total buyer cash needed$37,471
Earnest money paid−$0
Remaining funds due$37,471
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,690.00
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)$116.75
Prepaid interest, first (1 days)$14.10
Prepaid interest, second (1 days)$19.48
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 10 moOf the original 30-year loan at 3.160%
Interest already paid$34,350Through Nov 2026
Assumption only · ends Sep 2050$91,410
Assumption + second · ends Sep 2050, second Dec 2056$241,244
New conventional · ends Dec 2056$366,774