Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,655/mo
Lowest payment- Down payment
- $151,793
- Funds due
- $161,736
- Interest + MI left
- $192,879
- First ends
- Nov 2049
Assumption
Assumption + second
$2,521/mo
+$866/mo- Down payment
- $33,793
- Funds due
- $45,011
- Interest + MI left
- $386,582
- First ends
- Nov 2049
New loan
New conventional
$2,407/mo
+$752/mo- Down payment
- $33,793
- Funds due
- $41,625
- Interest + MI left
- $456,801
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $183,207 | $183,207 | $301,207 |
| Second mortgage | — | $118,000 | — |
| First P&I | $1,306.60 | $1,306.60 | $2,085.50 |
| Second P&I | — | $865.84 | — |
| Mortgage insurance | $86.83 | $86.83 | $60.24 |
| Taxes, insurance & HOA | $261.25 | $261.25 | $261.25 |
| Total housing payment | $1,654.68 | $2,520.52 | $2,406.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,793
Closing costs & prepaids$11,218
Usable credit−$0
Total buyer cash needed$45,011
Earnest money paid−$0
Remaining funds due$45,011
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,350.00
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)$333.75
Prepaid interest, first (1 days)$33.78
Prepaid interest, second (1 days)$25.86
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 yrOf the original 25-year loan at 6.730%
Interest already paid$25,107Through Nov 2026
Assumption only · ends Nov 2049$192,879
Assumption + second · ends Nov 2049, second Dec 2056$386,582
New conventional · ends Dec 2056$456,801