Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,685/mo
Lowest payment- Down payment
- $58,830
- Funds due
- $68,374
- Interest + MI left
- $139,915
- First ends
- Apr 2049
Assumption
Assumption + second
$1,950/mo
+$266/mo- Down payment
- $25,830
- Funds due
- $36,665
- Interest + MI left
- $202,504
- First ends
- Apr 2049
New loan
New conventional
$1,964/mo
+$279/mo- Down payment
- $25,830
- Funds due
- $33,421
- Interest + MI left
- $334,938
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $196,070 | $196,070 | $229,070 |
| Second mortgage | — | $33,000 | — |
| First P&I | $1,155.65 | $1,155.65 | $1,551.80 |
| Second P&I | — | $265.53 | — |
| Mortgage insurance | $162.51 | $162.51 | $45.81 |
| Taxes, insurance & HOA | $366.67 | $366.67 | $366.67 |
| Total housing payment | $1,684.82 | $1,950.35 | $1,964.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,830
Closing costs & prepaids$10,834
Usable credit−$0
Total buyer cash needed$36,665
Earnest money paid−$0
Remaining funds due$36,665
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,549.00
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)$650.00
Prepaid interest, first (5 days)$119.52
Prepaid interest, second (5 days)$40.68
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 4 moOf the original 30-year loan at 4.45%
Interest already paid$72,966Through Dec 2026
Assumption only · ends Apr 2049$139,915
Assumption + second · ends Apr 2049, second Jan 2057$202,504
New conventional · ends Jan 2057$334,938