Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,677/mo
Lowest payment- Down payment
- $152,072
- Funds due
- $162,353
- Interest + MI left
- $191,784
- First ends
- Nov 2049
Assumption
Assumption + second
$2,543/mo
+$866/mo- Down payment
- $34,072
- Funds due
- $45,835
- Interest + MI left
- $385,487
- First ends
- Nov 2049
New loan
New conventional
$2,383/mo
+$705/mo- Down payment
- $34,072
- Funds due
- $42,441
- Interest + MI left
- $439,946
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $182,928 | $182,928 | $300,928 |
| Second mortgage | — | $118,000 | — |
| First P&I | $1,306.60 | $1,306.60 | $2,038.59 |
| Second P&I | — | $865.84 | — |
| Mortgage insurance | $86.83 | $86.83 | $60.19 |
| Taxes, insurance & HOA | $284.00 | $284.00 | $284.00 |
| Total housing payment | $1,677.43 | $2,543.27 | $2,382.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,072
Closing costs & prepaids$11,763
Usable credit−$0
Total buyer cash needed$45,835
Earnest money paid−$0
Remaining funds due$45,835
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,350.00
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)$402.00
Prepaid interest, first (9 days)$303.56
Prepaid interest, second (9 days)$232.77
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 11 moOf the original 25-year loan at 6.73%
Interest already paid$26,135Through Dec 2026
Assumption only · ends Nov 2049$191,784
Assumption + second · ends Nov 2049, second Jan 2057$385,487
New conventional · ends Jan 2057$439,946