Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,811/mo
Lowest payment- Down payment
- $184,046
- Funds due
- $195,258
- Interest + MI left
- $138,280
- First ends
- Sep 2049
Assumption
Assumption + second
$2,875/mo
+$1,064/mo- Down payment
- $39,046
- Funds due
- $51,635
- Interest + MI left
- $376,305
- First ends
- Sep 2049
New loan
New conventional
$2,913/mo
+$1,102/mo- Down payment
- $39,046
- Funds due
- $48,248
- Interest + MI left
- $507,109
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $205,954 | $205,954 | $350,954 |
| Second mortgage | — | $145,000 | — |
| First P&I | $1,159.13 | $1,159.13 | $2,360.89 |
| Second P&I | — | $1,063.96 | — |
| Mortgage insurance | $170.33 | $170.33 | $70.19 |
| Taxes, insurance & HOA | $481.50 | $481.50 | $481.50 |
| Total housing payment | $1,810.95 | $2,874.91 | $2,912.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,046
Closing costs & prepaids$12,589
Usable credit−$0
Total buyer cash needed$51,635
Earnest money paid−$0
Remaining funds due$51,635
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,900.00
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)$994.50
Prepaid interest, first (4 days)$92.09
Prepaid interest, second (4 days)$127.12
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 9 moOf the original 30-year loan at 4.08%
Interest already paid$66,334Through Dec 2026
Assumption only · ends Sep 2049$138,280
Assumption + second · ends Sep 2049, second Jan 2057$376,305
New conventional · ends Jan 2057$507,109