Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,394/mo
Lowest payment- Down payment
- $195,350
- Funds due
- $205,784
- Interest + MI left
- $116,886
- First ends
- May 2049
Assumption
Assumption + second
$2,561/mo
+$1,167/mo- Down payment
- $36,350
- Funds due
- $48,348
- Interest + MI left
- $377,893
- First ends
- May 2049
New loan
New conventional
$2,551/mo
+$1,156/mo- Down payment
- $36,350
- Funds due
- $45,015
- Interest + MI left
- $473,084
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $164,550 | $164,550 | $323,550 |
| Second mortgage | — | $159,000 | — |
| First P&I | $964.13 | $964.13 | $2,191.84 |
| Second P&I | — | $1,166.69 | — |
| Mortgage insurance | $136.22 | $136.22 | $64.71 |
| Taxes, insurance & HOA | $294.00 | $294.00 | $294.00 |
| Total housing payment | $1,394.35 | $2,561.04 | $2,550.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,350
Closing costs & prepaids$11,999
Usable credit−$0
Total buyer cash needed$48,348
Earnest money paid−$0
Remaining funds due$48,348
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,599.00
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)$432.00
Prepaid interest, first (9 days)$178.93
Prepaid interest, second (9 days)$313.64
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 5 moOf the original 30-year loan at 4.41%
Interest already paid$59,980Through Dec 2026
Assumption only · ends May 2049$116,886
Assumption + second · ends May 2049, second Jan 2057$377,893
New conventional · ends Jan 2057$473,084