Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$992/mo
Lowest payment- Down payment
- $116,670
- Funds due
- $125,697
- Interest + MI left
- $65,030
- First ends
- Nov 2049
Assumption
Assumption + second
$1,748/mo
+$756/mo- Down payment
- $22,670
- Funds due
- $32,970
- Interest + MI left
- $243,314
- First ends
- Nov 2049
New loan
New conventional
$1,753/mo
+$761/mo- Down payment
- $22,670
- Funds due
- $29,700
- Interest + MI left
- $299,185
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $103,330 | $103,330 | $197,330 |
| Second mortgage | — | $94,000 | — |
| First P&I | $559.31 | $559.31 | $1,366.27 |
| Second P&I | — | $756.35 | — |
| Mortgage insurance | $85.55 | $85.55 | $39.47 |
| Taxes, insurance & HOA | $347.25 | $347.25 | $347.25 |
| Total housing payment | $992.11 | $1,748.46 | $1,752.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,670
Closing costs & prepaids$10,301
Usable credit−$0
Total buyer cash needed$32,970
Earnest money paid−$0
Remaining funds due$32,970
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,200.00
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)$591.75
Prepaid interest, first (1 days)$10.62
Prepaid interest, second (1 days)$23.18
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 closing23 yrOf the original 30-year loan at 3.750%
Interest already paid$29,541Through Nov 2026
Assumption only · ends Nov 2049$65,030
Assumption + second · ends Nov 2049, second Dec 2056$243,314
New conventional · ends Dec 2056$299,185