Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,890/mo
Lowest payment- Down payment
- $181,025
- Funds due
- $192,295
- Interest + MI left
- $154,402
- First ends
- Aug 2049
Assumption
Assumption + second
$2,902/mo
+$1,013/mo- Down payment
- $43,025
- Funds due
- $55,817
- Interest + MI left
- $380,937
- First ends
- Aug 2049
New loan
New conventional
$3,020/mo
+$1,131/mo- Down payment
- $43,025
- Funds due
- $52,520
- Interest + MI left
- $565,675
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $248,875 | $248,875 | $386,875 |
| Second mortgage | — | $138,000 | — |
| First P&I | $1,359.63 | $1,359.63 | $2,620.83 |
| Second P&I | — | $1,012.60 | — |
| Mortgage insurance | $207.96 | $207.96 | $77.38 |
| Taxes, insurance & HOA | $322.00 | $322.00 | $322.00 |
| Total housing payment | $1,889.59 | $2,902.18 | $3,020.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,025
Closing costs & prepaids$12,792
Usable credit−$0
Total buyer cash needed$55,817
Earnest money paid−$0
Remaining funds due$55,817
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,299.00
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)$516.00
Prepaid interest, first (9 days)$230.12
Prepaid interest, second (9 days)$272.22
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 8 moOf the original 30-year loan at 3.75%
Interest already paid$74,939Through Dec 2026
Assumption only · ends Aug 2049$154,402
Assumption + second · ends Aug 2049, second Jan 2057$380,937
New conventional · ends Jan 2057$565,675