Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$853/mo
Lowest payment- Down payment
- $93,051
- Funds due
- $101,501
- Interest + MI left
- $62,154
- First ends
- Jun 2050
Assumption
Assumption + second
$1,440/mo
+$587/mo- Down payment
- $20,051
- Funds due
- $29,787
- Interest + MI left
- $200,609
- First ends
- Jun 2050
New loan
New conventional
$1,501/mo
+$648/mo- Down payment
- $20,051
- Funds due
- $26,555
- Interest + MI left
- $272,905
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $106,949 | $106,949 | $179,949 |
| Second mortgage | — | $73,000 | — |
| First P&I | $546.03 | $546.03 | $1,245.93 |
| Second P&I | — | $587.37 | — |
| Mortgage insurance | $87.98 | $87.98 | $35.99 |
| Taxes, insurance & HOA | $218.75 | $218.75 | $218.75 |
| Total housing payment | $852.76 | $1,440.13 | $1,500.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,051
Closing costs & prepaids$9,737
Usable credit−$0
Total buyer cash needed$29,787
Earnest money paid−$0
Remaining funds due$29,787
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,000.00
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)$206.25
Prepaid interest, first (2 days)$19.51
Prepaid interest, second (2 days)$36.00
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 7 moOf the original 30-year loan at 3.330%
Interest already paid$24,786Through Nov 2026
Assumption only · ends Jun 2050$62,154
Assumption + second · ends Jun 2050, second Dec 2056$200,609
New conventional · ends Dec 2056$272,905