Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,436/mo
Lowest payment- Down payment
- $187,189
- Funds due
- $197,635
- Interest + MI left
- $110,386
- First ends
- Nov 2049
Assumption
Assumption + second
$2,537/mo
+$1,101/mo- Down payment
- $37,189
- Funds due
- $48,951
- Interest + MI left
- $356,619
- First ends
- Nov 2049
New loan
New conventional
$2,679/mo
+$1,243/mo- Down payment
- $37,189
- Funds due
- $45,562
- Interest + MI left
- $503,214
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $181,811 | $181,811 | $331,811 |
| Second mortgage | — | $150,000 | — |
| First P&I | $969.60 | $969.60 | $2,297.39 |
| Second P&I | — | $1,100.65 | — |
| Mortgage insurance | $151.06 | $151.06 | $66.36 |
| Taxes, insurance & HOA | $315.25 | $315.25 | $315.25 |
| Total housing payment | $1,435.91 | $2,536.56 | $2,679.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,189
Closing costs & prepaids$11,762
Usable credit−$0
Total buyer cash needed$48,951
Earnest money paid−$0
Remaining funds due$48,951
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,690.00
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)$495.75
Prepaid interest, first (2 days)$35.86
Prepaid interest, second (2 days)$65.75
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 30-year loan at 3.600%
Interest already paid$49,993Through Nov 2026
Assumption only · ends Nov 2049$110,386
Assumption + second · ends Nov 2049, second Dec 2056$356,619
New conventional · ends Dec 2056$503,214