Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,351/mo
Lowest payment- Down payment
- $161,567
- Funds due
- $171,610
- Interest + MI left
- $110,987
- First ends
- Jul 2049
Assumption
Assumption + second
$2,290/mo
+$939/mo- Down payment
- $33,567
- Funds due
- $45,113
- Interest + MI left
- $321,106
- First ends
- Jul 2049
New loan
New conventional
$2,319/mo
+$968/mo- Down payment
- $33,567
- Funds due
- $41,824
- Interest + MI left
- $427,381
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $164,333 | $164,333 | $292,333 |
| Second mortgage | — | $128,000 | — |
| First P&I | $934.38 | $934.38 | $1,980.37 |
| Second P&I | — | $939.22 | — |
| Mortgage insurance | $136.32 | $136.32 | $58.47 |
| Taxes, insurance & HOA | $280.33 | $280.33 | $280.33 |
| Total housing payment | $1,351.03 | $2,290.25 | $2,319.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,567
Closing costs & prepaids$11,545
Usable credit−$0
Total buyer cash needed$45,113
Earnest money paid−$0
Remaining funds due$45,113
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,259.00
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)$391.00
Prepaid interest, first (9 days)$167.75
Prepaid interest, second (9 days)$252.49
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 7 moOf the original 30-year loan at 4.14%
Interest already paid$55,044Through Dec 2026
Assumption only · ends Jul 2049$110,987
Assumption + second · ends Jul 2049, second Jan 2057$321,106
New conventional · ends Jan 2057$427,381