Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,306/mo
Lowest payment- Down payment
- $179,192
- Funds due
- $189,374
- Interest + MI left
- $97,053
- First ends
- Apr 2049
Assumption
Assumption + second
$2,392/mo
+$1,086/mo- Down payment
- $31,192
- Funds due
- $42,754
- Interest + MI left
- $340,003
- First ends
- Apr 2049
New loan
New conventional
$2,345/mo
+$1,039/mo- Down payment
- $31,192
- Funds due
- $39,413
- Interest + MI left
- $402,862
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $130,808 | $130,808 | $278,808 |
| Second mortgage | — | $148,000 | — |
| First P&I | $784.76 | $784.76 | $1,875.56 |
| Second P&I | — | $1,085.97 | — |
| Mortgage insurance | $107.93 | $107.93 | $55.76 |
| Taxes, insurance & HOA | $413.50 | $413.50 | $413.50 |
| Total housing payment | $1,306.19 | $2,392.16 | $2,344.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,192
Closing costs & prepaids$11,562
Usable credit−$0
Total buyer cash needed$42,754
Earnest money paid−$0
Remaining funds due$42,754
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,100.00
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)$790.50
Prepaid interest, first (4 days)$66.51
Prepaid interest, second (4 days)$129.75
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 4 moOf the original 30-year loan at 4.64%
Interest already paid$50,636Through Dec 2026
Assumption only · ends Apr 2049$97,053
Assumption + second · ends Apr 2049, second Jan 2057$340,003
New conventional · ends Jan 2057$402,862