Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,895/mo
Lowest payment- Down payment
- $165,692
- Funds due
- $176,800
- Interest + MI left
- $157,220
- First ends
- Aug 2049
Assumption
Assumption + second
$2,805/mo
+$910/mo- Down payment
- $41,692
- Funds due
- $54,294
- Interest + MI left
- $360,773
- First ends
- Aug 2049
New loan
New conventional
$2,920/mo
+$1,024/mo- Down payment
- $41,692
- Funds due
- $51,009
- Interest + MI left
- $545,838
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $249,308 | $249,308 | $373,308 |
| Second mortgage | — | $124,000 | — |
| First P&I | $1,371.32 | $1,371.32 | $2,528.92 |
| Second P&I | — | $909.87 | — |
| Mortgage insurance | $207.96 | $207.96 | $74.66 |
| Taxes, insurance & HOA | $316.00 | $316.00 | $316.00 |
| Total housing payment | $1,895.28 | $2,805.14 | $2,919.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,692
Closing costs & prepaids$12,602
Usable credit−$0
Total buyer cash needed$54,294
Earnest money paid−$0
Remaining funds due$54,294
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
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)$498.00
Prepaid interest, first (9 days)$234.83
Prepaid interest, second (9 days)$244.60
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 8 moOf the original 30-year loan at 3.82%
Interest already paid$76,400Through Dec 2026
Assumption only · ends Aug 2049$157,220
Assumption + second · ends Aug 2049, second Jan 2057$360,773
New conventional · ends Jan 2057$545,838