Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,004/mo
Lowest payment- Down payment
- $118,150
- Funds due
- $127,225
- Interest + MI left
- $68,735
- First ends
- Sep 2050
Assumption
Assumption + second
$1,752/mo
+$748/mo- Down payment
- $25,150
- Funds due
- $35,521
- Interest + MI left
- $245,123
- First ends
- Sep 2050
New loan
New conventional
$1,842/mo
+$839/mo- Down payment
- $25,150
- Funds due
- $32,241
- Interest + MI left
- $333,329
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $126,850 | $126,850 | $219,850 |
| Second mortgage | — | $93,000 | — |
| First P&I | $623.32 | $623.32 | $1,522.20 |
| Second P&I | — | $748.30 | — |
| Mortgage insurance | $104.32 | $104.32 | $43.97 |
| Taxes, insurance & HOA | $276.25 | $276.25 | $276.25 |
| Total housing payment | $1,003.90 | $1,752.20 | $1,842.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,150
Closing costs & prepaids$10,371
Usable credit−$0
Total buyer cash needed$35,521
Earnest money paid−$0
Remaining funds due$35,521
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,450.00
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)$378.75
Prepaid interest, first (2 days)$21.06
Prepaid interest, second (2 days)$45.86
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 10 moOf the original 30-year loan at 3.030%
Interest already paid$25,696Through Nov 2026
Assumption only · ends Sep 2050$68,735
Assumption + second · ends Sep 2050, second Dec 2056$245,123
New conventional · ends Dec 2056$333,329