Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,119/mo
Lowest payment- Down payment
- $194,680
- Funds due
- $204,502
- Interest + MI left
- $91,742
- First ends
- Dec 2049
Assumption
Assumption + second
$2,293/mo
+$1,174/mo- Down payment
- $34,680
- Funds due
- $45,787
- Interest + MI left
- $354,390
- First ends
- Dec 2049
New loan
New conventional
$2,404/mo
+$1,285/mo- Down payment
- $34,680
- Funds due
- $42,403
- Interest + MI left
- $470,470
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $150,220 | $150,220 | $310,220 |
| Second mortgage | — | $160,000 | — |
| First P&I | $800.06 | $800.06 | $2,147.90 |
| Second P&I | — | $1,174.02 | — |
| Mortgage insurance | $124.49 | $124.49 | $62.04 |
| Taxes, insurance & HOA | $194.17 | $194.17 | $194.17 |
| Total housing payment | $1,118.72 | $2,292.74 | $2,404.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,680
Closing costs & prepaids$11,106
Usable credit−$0
Total buyer cash needed$45,787
Earnest money paid−$0
Remaining funds due$45,787
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,449.00
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)$132.50
Prepaid interest, first (1 days)$14.86
Prepaid interest, second (1 days)$35.07
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 closing23 yr 1 moOf the original 30-year loan at 3.610%
Interest already paid$40,868Through Nov 2026
Assumption only · ends Dec 2049$91,742
Assumption + second · ends Dec 2049, second Dec 2056$354,390
New conventional · ends Dec 2056$470,470