Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,613/mo
Lowest payment- Down payment
- $84,879
- Funds due
- $94,661
- Interest + MI left
- $126,901
- First ends
- Aug 2049
Assumption
Assumption + second
$2,071/mo
+$459/mo- Down payment
- $27,879
- Funds due
- $38,981
- Interest + MI left
- $235,009
- First ends
- Aug 2049
New loan
New conventional
$2,107/mo
+$495/mo- Down payment
- $27,879
- Funds due
- $35,720
- Interest + MI left
- $361,332
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $190,121 | $190,121 | $247,121 |
| Second mortgage | — | $57,000 | — |
| First P&I | $1,071.38 | $1,071.38 | $1,674.08 |
| Second P&I | — | $458.63 | — |
| Mortgage insurance | $157.62 | $157.62 | $49.42 |
| Taxes, insurance & HOA | $383.75 | $383.75 | $383.75 |
| Total housing payment | $1,612.75 | $2,071.39 | $2,107.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,879
Closing costs & prepaids$11,103
Usable credit−$0
Total buyer cash needed$38,981
Earnest money paid−$0
Remaining funds due$38,981
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,750.00
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)$701.25
Prepaid interest, first (5 days)$106.00
Prepaid interest, second (5 days)$70.27
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 8 moOf the original 30-year loan at 4.07%
Interest already paid$61,876Through Dec 2026
Assumption only · ends Aug 2049$126,901
Assumption + second · ends Aug 2049, second Jan 2057$235,009
New conventional · ends Jan 2057$361,332