Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,071/mo
Lowest payment- Down payment
- $179,162
- Funds due
- $188,840
- Interest + MI left
- $63,062
- First ends
- Feb 2047
Assumption
Assumption + second
$2,164/mo
+$1,093/mo- Down payment
- $30,162
- Funds due
- $41,384
- Interest + MI left
- $307,653
- First ends
- Feb 2047
New loan
New conventional
$2,145/mo
+$1,074/mo- Down payment
- $30,162
- Funds due
- $38,110
- Interest + MI left
- $393,086
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $119,838 | $119,838 | $268,838 |
| Second mortgage | — | $149,000 | — |
| First P&I | $692.28 | $692.28 | $1,821.20 |
| Second P&I | — | $1,093.31 | — |
| Mortgage insurance | $108.93 | $108.93 | $53.77 |
| Taxes, insurance & HOA | $269.58 | $269.58 | $269.58 |
| Total housing payment | $1,070.79 | $2,164.10 | $2,144.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,162
Closing costs & prepaids$11,222
Usable credit−$0
Total buyer cash needed$41,384
Earnest money paid−$0
Remaining funds due$41,384
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,990.00
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)$358.75
Prepaid interest, first (9 days)$104.01
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 closing20 yr 2 moOf the original 30-year loan at 3.52%
Interest already paid$47,742Through Dec 2026
Assumption only · ends Feb 2047$63,062
Assumption + second · ends Feb 2047, second Jan 2057$307,653
New conventional · ends Jan 2057$393,086