Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,110/mo
Lowest payment- Down payment
- $154,513
- Funds due
- $164,146
- Interest + MI left
- $70,423
- First ends
- Feb 2049
Assumption
Assumption + second
$2,027/mo
+$917/mo- Down payment
- $29,513
- Funds due
- $40,643
- Interest + MI left
- $275,617
- First ends
- Feb 2049
New loan
New conventional
$2,119/mo
+$1,009/mo- Down payment
- $29,513
- Funds due
- $37,416
- Interest + MI left
- $388,040
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $140,387 | $140,387 | $265,387 |
| Second mortgage | — | $125,000 | — |
| First P&I | $725.34 | $725.34 | $1,797.82 |
| Second P&I | — | $917.21 | — |
| Mortgage insurance | $116.28 | $116.28 | $53.08 |
| Taxes, insurance & HOA | $268.00 | $268.00 | $268.00 |
| Total housing payment | $1,109.62 | $2,026.82 | $2,118.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,513
Closing costs & prepaids$11,129
Usable credit−$0
Total buyer cash needed$40,643
Earnest money paid−$0
Remaining funds due$40,643
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,949.00
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)$354.00
Prepaid interest, first (9 days)$104.89
Prepaid interest, second (9 days)$246.58
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 2 moOf the original 28-year loan at 3.03%
Interest already paid$27,006Through Dec 2026
Assumption only · ends Feb 2049$70,423
Assumption + second · ends Feb 2049, second Jan 2057$275,617
New conventional · ends Jan 2057$388,040