Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,360/mo
Lowest payment- Down payment
- $185,534
- Funds due
- $195,690
- Interest + MI left
- $112,480
- First ends
- Oct 2049
Assumption
Assumption + second
$2,453/mo
+$1,093/mo- Down payment
- $36,534
- Funds due
- $47,973
- Interest + MI left
- $357,071
- First ends
- Oct 2049
New loan
New conventional
$2,577/mo
+$1,217/mo- Down payment
- $36,534
- Funds due
- $44,572
- Interest + MI left
- $497,989
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $179,366 | $179,366 | $328,366 |
| Second mortgage | — | $149,000 | — |
| First P&I | $973.11 | $973.11 | $2,273.54 |
| Second P&I | — | $1,093.31 | — |
| Mortgage insurance | $148.84 | $148.84 | $65.67 |
| Taxes, insurance & HOA | $237.75 | $237.75 | $237.75 |
| Total housing payment | $1,359.70 | $2,453.01 | $2,576.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,534
Closing costs & prepaids$11,438
Usable credit−$0
Total buyer cash needed$47,973
Earnest money paid−$0
Remaining funds due$47,973
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,649.00
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)$263.25
Prepaid interest, first (1 days)$18.43
Prepaid interest, second (1 days)$32.66
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 3.750%
Interest already paid$51,957Through Nov 2026
Assumption only · ends Oct 2049$112,480
Assumption + second · ends Oct 2049, second Dec 2056$357,071
New conventional · ends Dec 2056$497,989