Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,370/mo
Lowest payment- Down payment
- $198,349
- Funds due
- $208,555
- Interest + MI left
- $120,275
- First ends
- Jun 2049
Assumption
Assumption + second
$2,552/mo
+$1,181/mo- Down payment
- $37,349
- Funds due
- $48,840
- Interest + MI left
- $384,565
- First ends
- Jun 2049
New loan
New conventional
$2,606/mo
+$1,236/mo- Down payment
- $37,349
- Funds due
- $45,428
- Interest + MI left
- $504,488
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $171,651 | $171,651 | $332,651 |
| Second mortgage | — | $161,000 | — |
| First P&I | $991.94 | $991.94 | $2,303.21 |
| Second P&I | — | $1,181.36 | — |
| Mortgage insurance | $141.81 | $141.81 | $66.53 |
| Taxes, insurance & HOA | $236.67 | $236.67 | $236.67 |
| Total housing payment | $1,370.42 | $2,551.78 | $2,606.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,349
Closing costs & prepaids$11,491
Usable credit−$0
Total buyer cash needed$48,840
Earnest money paid−$0
Remaining funds due$48,840
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,700.00
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)$260.00
Prepaid interest, first (1 days)$20.27
Prepaid interest, second (1 days)$35.29
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 7 moOf the original 30-year loan at 4.310%
Interest already paid$59,727Through Nov 2026
Assumption only · ends Jun 2049$120,275
Assumption + second · ends Jun 2049, second Dec 2056$384,565
New conventional · ends Dec 2056$504,488