Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,820/mo
Lowest payment- Down payment
- $84,618
- Funds due
- $94,752
- Interest + MI left
- $141,861
- First ends
- Sep 2049
Assumption
Assumption + second
$2,246/mo
+$426/mo- Down payment
- $31,618
- Funds due
- $43,029
- Interest + MI left
- $242,383
- First ends
- Sep 2049
New loan
New conventional
$2,384/mo
+$563/mo- Down payment
- $31,618
- Funds due
- $39,702
- Interest + MI left
- $420,613
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $224,382 | $224,382 | $277,382 |
| Second mortgage | — | $53,000 | — |
| First P&I | $1,226.14 | $1,226.14 | $1,920.54 |
| Second P&I | — | $426.45 | — |
| Mortgage insurance | $186.39 | $186.39 | $55.48 |
| Taxes, insurance & HOA | $407.50 | $407.50 | $407.50 |
| Total housing payment | $1,820.04 | $2,246.49 | $2,383.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,618
Closing costs & prepaids$11,410
Usable credit−$0
Total buyer cash needed$43,029
Earnest money paid−$0
Remaining funds due$43,029
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,090.00
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)$772.50
Prepaid interest, first (2 days)$46.72
Prepaid interest, second (2 days)$26.14
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 10 moOf the original 30-year loan at 3.800%
Interest already paid$66,685Through Nov 2026
Assumption only · ends Sep 2049$141,861
Assumption + second · ends Sep 2049, second Dec 2056$242,383
New conventional · ends Dec 2056$420,613