Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,193/mo
Lowest payment- Down payment
- $149,587
- Funds due
- $161,278
- Interest + MI left
- $162,766
- First ends
- Dec 2049
Assumption
Assumption + second
$2,979/mo
+$785/mo- Down payment
- $42,587
- Funds due
- $55,645
- Interest + MI left
- $338,412
- First ends
- Dec 2049
New loan
New conventional
$3,178/mo
+$985/mo- Down payment
- $42,587
- Funds due
- $52,296
- Interest + MI left
- $559,151
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $275,413 | $275,413 | $382,413 |
| Second mortgage | — | $107,000 | — |
| First P&I | $1,452.76 | $1,452.76 | $2,590.60 |
| Second P&I | — | $785.13 | — |
| Mortgage insurance | $229.45 | $229.45 | $76.48 |
| Taxes, insurance & HOA | $511.25 | $511.25 | $511.25 |
| Total housing payment | $2,193.45 | $2,978.58 | $3,178.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,587
Closing costs & prepaids$13,058
Usable credit−$0
Total buyer cash needed$55,645
Earnest money paid−$0
Remaining funds due$55,645
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$1,083.75
Prepaid interest, first (5 days)$131.67
Prepaid interest, second (5 days)$117.26
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 closing23 yrOf the original 30-year loan at 3.49%
Interest already paid$73,520Through Dec 2026
Assumption only · ends Dec 2049$162,766
Assumption + second · ends Dec 2049, second Jan 2057$338,412
New conventional · ends Jan 2057$559,151