Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,211/mo
Lowest payment- Down payment
- $190,127
- Funds due
- $200,294
- Interest + MI left
- $91,215
- First ends
- Dec 2049
Assumption
Assumption + second
$2,355/mo
+$1,145/mo- Down payment
- $34,127
- Funds due
- $45,852
- Interest + MI left
- $347,297
- First ends
- Dec 2049
New loan
New conventional
$2,419/mo
+$1,209/mo- Down payment
- $34,127
- Funds due
- $42,560
- Interest + MI left
- $447,235
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $149,872 | $149,872 | $305,872 |
| Second mortgage | — | $156,000 | — |
| First P&I | $800.06 | $800.06 | $2,072.08 |
| Second P&I | — | $1,144.67 | — |
| Mortgage insurance | $124.49 | $124.49 | $61.17 |
| Taxes, insurance & HOA | $286.00 | $286.00 | $286.00 |
| Total housing payment | $1,210.55 | $2,355.23 | $2,419.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,127
Closing costs & prepaids$11,724
Usable credit−$0
Total buyer cash needed$45,852
Earnest money paid−$0
Remaining funds due$45,852
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,399.99
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)$408.00
Prepaid interest, first (9 days)$133.41
Prepaid interest, second (9 days)$307.73
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 closing23 yrOf the original 30-year loan at 3.61%
Interest already paid$41,319Through Dec 2026
Assumption only · ends Dec 2049$91,215
Assumption + second · ends Dec 2049, second Jan 2057$347,297
New conventional · ends Jan 2057$447,235