Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,153/mo
Lowest payment- Down payment
- $117,388
- Funds due
- $126,762
- Interest + MI left
- $79,622
- First ends
- Jul 2050
Assumption
Assumption + second
$1,885/mo
+$732/mo- Down payment
- $26,388
- Funds due
- $37,057
- Interest + MI left
- $252,216
- First ends
- Jul 2050
New loan
New conventional
$1,970/mo
+$817/mo- Down payment
- $26,388
- Funds due
- $33,766
- Interest + MI left
- $346,614
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $137,612 | $137,612 | $228,612 |
| Second mortgage | — | $91,000 | — |
| First P&I | $698.78 | $698.78 | $1,582.86 |
| Second P&I | — | $732.21 | — |
| Mortgage insurance | $113.02 | $113.02 | $45.72 |
| Taxes, insurance & HOA | $341.42 | $341.42 | $341.42 |
| Total housing payment | $1,153.22 | $1,885.43 | $1,970.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,388
Closing costs & prepaids$10,669
Usable credit−$0
Total buyer cash needed$37,057
Earnest money paid−$0
Remaining funds due$37,057
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,550.00
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)$574.25
Prepaid interest, first (2 days)$24.88
Prepaid interest, second (2 days)$44.88
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 8 moOf the original 30-year loan at 3.300%
Interest already paid$31,164Through Nov 2026
Assumption only · ends Jul 2050$79,622
Assumption + second · ends Jul 2050, second Dec 2056$252,216
New conventional · ends Dec 2056$346,614