Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,583/mo
Lowest payment- Down payment
- $118,150
- Funds due
- $128,209
- Interest + MI left
- $131,082
- First ends
- Oct 2049
Assumption
Assumption + second
$2,267/mo
+$684/mo- Down payment
- $33,150
- Funds due
- $44,648
- Interest + MI left
- $292,296
- First ends
- Oct 2049
New loan
New conventional
$2,315/mo
+$732/mo- Down payment
- $33,150
- Funds due
- $41,400
- Interest + MI left
- $426,675
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $206,850 | $206,850 | $291,850 |
| Second mortgage | — | $85,000 | — |
| First P&I | $1,131.45 | $1,131.45 | $1,977.09 |
| Second P&I | — | $683.93 | — |
| Mortgage insurance | $171.79 | $171.79 | $58.37 |
| Taxes, insurance & HOA | $280.00 | $280.00 | $280.00 |
| Total housing payment | $1,583.24 | $2,267.17 | $2,315.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,150
Closing costs & prepaids$11,498
Usable credit−$0
Total buyer cash needed$44,648
Earnest money paid−$0
Remaining funds due$44,648
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,250.00
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)$390.00
Prepaid interest, first (9 days)$194.33
Prepaid interest, second (9 days)$188.63
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 3.81%
Interest already paid$61,629Through Dec 2026
Assumption only · ends Oct 2049$131,082
Assumption + second · ends Oct 2049, second Jan 2057$292,296
New conventional · ends Jan 2057$426,675