Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$795/mo
Lowest payment- Down payment
- $113,002
- Funds due
- $121,577
- Interest + MI left
- $52,120
- First ends
- Nov 2049
Assumption
Assumption + second
$1,543/mo
+$748/mo- Down payment
- $20,002
- Funds due
- $29,873
- Interest + MI left
- $228,508
- First ends
- Nov 2049
New loan
New conventional
$1,543/mo
+$748/mo- Down payment
- $20,002
- Funds due
- $26,633
- Interest + MI left
- $272,827
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $86,898 | $86,898 | $179,898 |
| Second mortgage | — | $93,000 | — |
| First P&I | $461.13 | $461.13 | $1,245.58 |
| Second P&I | — | $748.30 | — |
| Mortgage insurance | $72.29 | $72.29 | $35.98 |
| Taxes, insurance & HOA | $261.42 | $261.42 | $261.42 |
| Total housing payment | $794.83 | $1,543.13 | $1,542.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,002
Closing costs & prepaids$9,871
Usable credit−$0
Total buyer cash needed$29,873
Earnest money paid−$0
Remaining funds due$29,873
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,999.00
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)$334.25
Prepaid interest, first (2 days)$16.90
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 yrOf the original 30-year loan at 3.550%
Interest already paid$23,578Through Nov 2026
Assumption only · ends Nov 2049$52,120
Assumption + second · ends Nov 2049, second Dec 2056$228,508
New conventional · ends Dec 2056$272,827