Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$815/mo
Lowest payment- Down payment
- $211,438
- Funds due
- $221,081
- Interest + MI left
- $54,531
- First ends
- Sep 2049
Assumption
Assumption + second
$2,143/mo
+$1,328/mo- Down payment
- $30,438
- Funds due
- $41,689
- Interest + MI left
- $351,652
- First ends
- Sep 2049
New loan
New conventional
$2,135/mo
+$1,320/mo- Down payment
- $30,438
- Funds due
- $38,370
- Interest + MI left
- $391,166
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $86,562 | $86,562 | $267,562 |
| Second mortgage | — | $181,000 | — |
| First P&I | $474.11 | $474.11 | $1,812.56 |
| Second P&I | — | $1,328.11 | — |
| Mortgage insurance | $72.07 | $72.07 | $53.51 |
| Taxes, insurance & HOA | $269.17 | $269.17 | $269.17 |
| Total housing payment | $815.35 | $2,143.47 | $2,135.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,438
Closing costs & prepaids$11,251
Usable credit−$0
Total buyer cash needed$41,689
Earnest money paid−$0
Remaining funds due$41,689
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,980.00
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)$357.50
Prepaid interest, first (9 days)$81.11
Prepaid interest, second (9 days)$357.04
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 9 moOf the original 30-year loan at 3.8%
Interest already paid$26,060Through Dec 2026
Assumption only · ends Sep 2049$54,531
Assumption + second · ends Sep 2049, second Jan 2057$351,652
New conventional · ends Jan 2057$391,166