Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$608/mo
Lowest payment- Down payment
- $210,378
- Funds due
- $219,761
- Interest + MI left
- $24,088
- First ends
- Nov 2049
Assumption
Assumption + second
$1,965/mo
+$1,357/mo- Down payment
- $25,378
- Funds due
- $36,213
- Interest + MI left
- $327,775
- First ends
- Nov 2049
New loan
New conventional
$1,929/mo
+$1,321/mo- Down payment
- $25,378
- Funds due
- $32,908
- Interest + MI left
- $328,390
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $39,622 | $39,622 | $224,622 |
| Second mortgage | — | $185,000 | — |
| First P&I | $212.22 | $212.22 | $1,521.67 |
| Second P&I | — | $1,357.46 | — |
| Mortgage insurance | $32.98 | $32.98 | $44.92 |
| Taxes, insurance & HOA | $362.50 | $362.50 | $362.50 |
| Total housing payment | $607.70 | $1,965.16 | $1,929.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,378
Closing costs & prepaids$10,835
Usable credit−$0
Total buyer cash needed$36,213
Earnest money paid−$0
Remaining funds due$36,213
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,500.00
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)$637.50
Prepaid interest, first (5 days)$19.65
Prepaid interest, second (5 days)$202.74
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 3.62%
Interest already paid$11,098Through Dec 2026
Assumption only · ends Nov 2049$24,088
Assumption + second · ends Nov 2049, second Jan 2057$327,775
New conventional · ends Jan 2057$328,390