Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,373/mo
Lowest payment- Down payment
- $176,882
- Funds due
- $187,323
- Interest + MI left
- $91,516
- First ends
- Nov 2049
Assumption
Assumption + second
$2,422/mo
+$1,049/mo- Down payment
- $33,882
- Funds due
- $45,730
- Interest + MI left
- $326,258
- First ends
- Nov 2049
New loan
New conventional
$2,496/mo
+$1,123/mo- Down payment
- $33,882
- Funds due
- $42,401
- Interest + MI left
- $432,914
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $153,118 | $153,118 | $296,118 |
| Second mortgage | — | $143,000 | — |
| First P&I | $814.43 | $814.43 | $2,006.01 |
| Second P&I | — | $1,049.28 | — |
| Mortgage insurance | $127.68 | $127.68 | $59.22 |
| Taxes, insurance & HOA | $430.50 | $430.50 | $430.50 |
| Total housing payment | $1,372.61 | $2,421.89 | $2,495.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,882
Closing costs & prepaids$11,848
Usable credit−$0
Total buyer cash needed$45,730
Earnest money paid−$0
Remaining funds due$45,730
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,300.00
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)$841.50
Prepaid interest, first (5 days)$74.46
Prepaid interest, second (5 days)$156.71
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 11 moOf the original 30-year loan at 3.55%
Interest already paid$42,096Through Dec 2026
Assumption only · ends Nov 2049$91,516
Assumption + second · ends Nov 2049, second Jan 2057$326,258
New conventional · ends Jan 2057$432,914