Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,338/mo
Lowest payment- Down payment
- $209,426
- Funds due
- $220,004
- Interest + MI left
- $103,460
- First ends
- Oct 2049
Assumption
Assumption + second
$2,593/mo
+$1,255/mo- Down payment
- $38,426
- Funds due
- $50,592
- Interest + MI left
- $384,166
- First ends
- Oct 2049
New loan
New conventional
$2,647/mo
+$1,309/mo- Down payment
- $38,426
- Funds due
- $47,263
- Interest + MI left
- $492,060
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $165,574 | $165,574 | $336,574 |
| Second mortgage | — | $171,000 | — |
| First P&I | $900.36 | $900.36 | $2,280.07 |
| Second P&I | — | $1,254.74 | — |
| Mortgage insurance | $137.71 | $137.71 | $67.31 |
| Taxes, insurance & HOA | $300.00 | $300.00 | $300.00 |
| Total housing payment | $1,338.07 | $2,592.80 | $2,647.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,426
Closing costs & prepaids$12,165
Usable credit−$0
Total buyer cash needed$50,592
Earnest money paid−$0
Remaining funds due$50,592
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$450.00
Prepaid interest, first (9 days)$153.10
Prepaid interest, second (9 days)$337.32
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 10 moOf the original 30-year loan at 3.75%
Interest already paid$48,591Through Dec 2026
Assumption only · ends Oct 2049$103,460
Assumption + second · ends Oct 2049, second Jan 2057$384,166
New conventional · ends Jan 2057$492,060