Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$673/mo
Lowest payment- Down payment
- $133,027
- Funds due
- $141,470
- Interest + MI left
- $30,051
- First ends
- Apr 2045
Assumption
Assumption + second
$1,503/mo
+$829/mo- Down payment
- $20,027
- Funds due
- $29,770
- Interest + MI left
- $215,546
- First ends
- Apr 2045
New loan
New conventional
$1,474/mo
+$801/mo- Down payment
- $20,027
- Funds due
- $26,528
- Interest + MI left
- $262,256
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $59,973 | $59,973 | $172,973 |
| Second mortgage | — | $113,000 | — |
| First P&I | $373.73 | $373.73 | $1,197.63 |
| Second P&I | — | $829.15 | — |
| Mortgage insurance | $57.73 | $57.73 | $34.59 |
| Taxes, insurance & HOA | $242.00 | $242.00 | $242.00 |
| Total housing payment | $673.46 | $1,502.61 | $1,474.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,027
Closing costs & prepaids$9,743
Usable credit−$0
Total buyer cash needed$29,770
Earnest money paid−$0
Remaining funds due$29,770
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,930.00
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)$276.00
Prepaid interest, first (2 days)$12.06
Prepaid interest, second (2 days)$49.53
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 closing18 yr 5 moOf the original 30-year loan at 3.670%
Interest already paid$30,425Through Nov 2026
Assumption only · ends Apr 2045$30,051
Assumption + second · ends Apr 2045, second Dec 2056$215,546
New conventional · ends Dec 2056$262,256