Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,066/mo
Lowest payment- Down payment
- $80,067
- Funds due
- $88,927
- Interest + MI left
- $60,683
- First ends
- Jun 2049
Assumption
Assumption + second
$1,549/mo
+$483/mo- Down payment
- $20,067
- Funds due
- $30,192
- Interest + MI left
- $174,482
- First ends
- Jun 2049
New loan
New conventional
$1,640/mo
+$574/mo- Down payment
- $20,067
- Funds due
- $26,953
- Interest + MI left
- $272,881
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $119,933 | $119,933 | $179,933 |
| Second mortgage | — | $60,000 | — |
| First P&I | $609.81 | $609.81 | $1,245.82 |
| Second P&I | — | $482.77 | — |
| Mortgage insurance | $98.11 | $98.11 | $35.99 |
| Taxes, insurance & HOA | $358.50 | $358.50 | $358.50 |
| Total housing payment | $1,066.42 | $1,549.19 | $1,640.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,067
Closing costs & prepaids$10,125
Usable credit−$0
Total buyer cash needed$30,192
Earnest money paid−$0
Remaining funds due$30,192
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)$625.50
Prepaid interest, first (1 days)$9.86
Prepaid interest, second (1 days)$14.79
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 closing22 yr 7 moOf the original 28-year loan at 3.000%
Interest already paid$21,062Through Nov 2026
Assumption only · ends Jun 2049$60,683
Assumption + second · ends Jun 2049, second Dec 2056$174,482
New conventional · ends Dec 2056$272,881