Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,454/mo
Lowest payment- Down payment
- $130,608
- Funds due
- $140,396
- Interest + MI left
- $129,784
- First ends
- Jan 2049
Assumption
Assumption + second
$2,187/mo
+$734/mo- Down payment
- $30,608
- Funds due
- $41,843
- Interest + MI left
- $293,939
- First ends
- Jan 2049
New loan
New conventional
$2,149/mo
+$695/mo- Down payment
- $30,608
- Funds due
- $38,564
- Interest + MI left
- $393,842
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $169,392 | $169,392 | $269,392 |
| Second mortgage | — | $100,000 | — |
| First P&I | $1,043.62 | $1,043.62 | $1,824.96 |
| Second P&I | — | $733.76 | — |
| Mortgage insurance | $139.93 | $139.93 | $53.88 |
| Taxes, insurance & HOA | $270.00 | $270.00 | $270.00 |
| Total housing payment | $1,453.55 | $2,187.31 | $2,148.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,608
Closing costs & prepaids$11,235
Usable credit−$0
Total buyer cash needed$41,843
Earnest money paid−$0
Remaining funds due$41,843
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,000.00
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)$360.00
Prepaid interest, first (9 days)$202.99
Prepaid interest, second (9 days)$197.26
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 1 moOf the original 30-year loan at 4.86%
Interest already paid$70,992Through Dec 2026
Assumption only · ends Jan 2049$129,784
Assumption + second · ends Jan 2049, second Jan 2057$293,939
New conventional · ends Jan 2057$393,842