Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,744/mo
Lowest payment- Down payment
- $134,723
- Funds due
- $145,042
- Interest + MI left
- $147,607
- First ends
- Oct 2049
Assumption
Assumption + second
$2,525/mo
+$780/mo- Down payment
- $37,723
- Funds due
- $49,316
- Interest + MI left
- $331,582
- First ends
- Oct 2049
New loan
New conventional
$2,637/mo
+$892/mo- Down payment
- $37,723
- Funds due
- $45,908
- Interest + MI left
- $502,338
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $234,277 | $234,277 | $331,277 |
| Second mortgage | — | $97,000 | — |
| First P&I | $1,273.52 | $1,273.52 | $2,293.70 |
| Second P&I | — | $780.48 | — |
| Mortgage insurance | $194.31 | $194.31 | $66.26 |
| Taxes, insurance & HOA | $276.58 | $276.58 | $276.58 |
| Total housing payment | $1,744.42 | $2,524.90 | $2,636.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,723
Closing costs & prepaids$11,593
Usable credit−$0
Total buyer cash needed$49,316
Earnest money paid−$0
Remaining funds due$49,316
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,690.00
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)$379.75
Prepaid interest, first (1 days)$24.20
Prepaid interest, second (1 days)$23.92
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 11 moOf the original 30-year loan at 3.770%
Interest already paid$68,208Through Nov 2026
Assumption only · ends Oct 2049$147,607
Assumption + second · ends Oct 2049, second Dec 2056$331,582
New conventional · ends Dec 2056$502,338