Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,418/mo
Lowest payment- Down payment
- $185,947
- Funds due
- $196,424
- Interest + MI left
- $111,820
- First ends
- Oct 2049
Assumption
Assumption + second
$2,511/mo
+$1,093/mo- Down payment
- $36,947
- Funds due
- $48,968
- Interest + MI left
- $356,412
- First ends
- Oct 2049
New loan
New conventional
$2,583/mo
+$1,165/mo- Down payment
- $36,947
- Funds due
- $45,670
- Interest + MI left
- $479,522
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $178,953 | $178,953 | $327,953 |
| Second mortgage | — | $149,000 | — |
| First P&I | $973.11 | $973.11 | $2,221.67 |
| Second P&I | — | $1,093.31 | — |
| Mortgage insurance | $148.84 | $148.84 | $65.59 |
| Taxes, insurance & HOA | $296.00 | $296.00 | $296.00 |
| Total housing payment | $1,417.95 | $2,511.26 | $2,583.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,947
Closing costs & prepaids$12,021
Usable credit−$0
Total buyer cash needed$48,968
Earnest money paid−$0
Remaining funds due$48,968
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,649.00
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)$438.00
Prepaid interest, first (9 days)$165.47
Prepaid interest, second (9 days)$293.92
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$52,518Through Dec 2026
Assumption only · ends Oct 2049$111,820
Assumption + second · ends Oct 2049, second Jan 2057$356,412
New conventional · ends Jan 2057$479,522