Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,062/mo
Lowest payment- Down payment
- $154,143
- Funds due
- $163,540
- Interest + MI left
- $70,848
- First ends
- Feb 2049
Assumption
Assumption + second
$1,972/mo
+$910/mo- Down payment
- $30,143
- Funds due
- $40,817
- Interest + MI left
- $274,400
- First ends
- Feb 2049
New loan
New conventional
$2,106/mo
+$1,044/mo- Down payment
- $30,143
- Funds due
- $37,480
- Interest + MI left
- $401,469
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $140,757 | $140,757 | $264,757 |
| Second mortgage | — | $124,000 | — |
| First P&I | $725.34 | $725.34 | $1,833.12 |
| Second P&I | — | $909.87 | — |
| Mortgage insurance | $116.28 | $116.28 | $52.95 |
| Taxes, insurance & HOA | $220.17 | $220.17 | $220.17 |
| Total housing payment | $1,061.79 | $1,971.65 | $2,106.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,143
Closing costs & prepaids$10,673
Usable credit−$0
Total buyer cash needed$40,817
Earnest money paid−$0
Remaining funds due$40,817
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,949.00
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)$210.50
Prepaid interest, first (1 days)$11.68
Prepaid interest, second (1 days)$27.18
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 3 moOf the original 28-year loan at 3.030%
Interest already paid$26,650Through Nov 2026
Assumption only · ends Feb 2049$70,848
Assumption + second · ends Feb 2049, second Dec 2056$274,400
New conventional · ends Dec 2056$401,469