Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,016/mo
Lowest payment- Down payment
- $92,443
- Funds due
- $101,093
- Interest + MI left
- $82,331
- First ends
- Mar 2050
Assumption
Assumption + second
$1,571/mo
+$555/mo- Down payment
- $23,443
- Funds due
- $33,360
- Interest + MI left
- $213,200
- First ends
- Mar 2050
New loan
New conventional
$1,640/mo
+$623/mo- Down payment
- $23,443
- Funds due
- $30,087
- Interest + MI left
- $305,402
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $132,457 | $132,457 | $201,457 |
| Second mortgage | — | $69,000 | — |
| First P&I | $702.73 | $702.73 | $1,394.85 |
| Second P&I | — | $555.19 | — |
| Mortgage insurance | $108.95 | $108.95 | $40.29 |
| Taxes, insurance & HOA | $204.42 | $204.42 | $204.42 |
| Total housing payment | $1,016.10 | $1,571.29 | $1,639.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,443
Closing costs & prepaids$9,917
Usable credit−$0
Total buyer cash needed$33,360
Earnest money paid−$0
Remaining funds due$33,360
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)$163.25
Prepaid interest, first (1 days)$13.21
Prepaid interest, second (1 days)$17.01
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 4 moOf the original 30-year loan at 3.640%
Interest already paid$34,870Through Nov 2026
Assumption only · ends Mar 2050$82,331
Assumption + second · ends Mar 2050, second Dec 2056$213,200
New conventional · ends Dec 2056$305,402