Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,954/mo
Lowest payment- Down payment
- $147,690
- Funds due
- $160,935
- Interest + MI left
- $225,302
- First ends
- Aug 2049
Assumption
Assumption + second
$3,751/mo
+$797/mo- Down payment
- $48,690
- Funds due
- $63,234
- Interest + MI left
- $413,069
- First ends
- Aug 2049
New loan
New conventional
$3,886/mo
+$932/mo- Down payment
- $48,690
- Funds due
- $59,750
- Interest + MI left
- $660,177
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $336,310 | $336,310 | $435,310 |
| Second mortgage | — | $99,000 | — |
| First P&I | $1,890.96 | $1,890.96 | $3,014.00 |
| Second P&I | — | $796.58 | — |
| Mortgage insurance | $278.20 | $278.20 | $87.06 |
| Taxes, insurance & HOA | $785.00 | $785.00 | $785.00 |
| Total housing payment | $2,954.16 | $3,750.73 | $3,886.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,690
Closing costs & prepaids$14,544
Usable credit−$0
Total buyer cash needed$63,234
Earnest money paid−$0
Remaining funds due$63,234
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,840.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,855.00
Prepaid interest, first (2 days)$75.00
Prepaid interest, second (2 days)$48.82
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 closing22 yr 9 moOf the original 30-year loan at 4.070%
Interest already paid$108,068Through Nov 2026
Assumption only · ends Aug 2049$225,302
Assumption + second · ends Aug 2049, second Dec 2056$413,069
New conventional · ends Dec 2056$660,177