Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$937/mo
Lowest payment- Down payment
- $181,719
- Funds due
- $191,288
- Interest + MI left
- $65,273
- First ends
- Oct 2049
Assumption
Assumption + second
$2,052/mo
+$1,115/mo- Down payment
- $29,719
- Funds due
- $40,838
- Interest + MI left
- $314,789
- First ends
- Oct 2049
New loan
New conventional
$2,081/mo
+$1,145/mo- Down payment
- $29,719
- Funds due
- $37,555
- Interest + MI left
- $380,507
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $108,271 | $108,271 | $260,271 |
| Second mortgage | — | $152,000 | — |
| First P&I | $580.12 | $580.12 | $1,763.17 |
| Second P&I | — | $1,115.32 | — |
| Mortgage insurance | $90.38 | $90.38 | $52.05 |
| Taxes, insurance & HOA | $266.00 | $266.00 | $266.00 |
| Total housing payment | $936.50 | $2,051.82 | $2,081.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,719
Closing costs & prepaids$11,119
Usable credit−$0
Total buyer cash needed$40,838
Earnest money paid−$0
Remaining funds due$40,838
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,899.90
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)$348.00
Prepaid interest, first (9 days)$96.11
Prepaid interest, second (9 days)$299.84
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 3.6%
Interest already paid$30,563Through Dec 2026
Assumption only · ends Oct 2049$65,273
Assumption + second · ends Oct 2049, second Jan 2057$314,789
New conventional · ends Jan 2057$380,507