Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$967/mo
Lowest payment- Down payment
- $165,865
- Funds due
- $175,181
- Interest + MI left
- $73,331
- First ends
- Jul 2049
Assumption
Assumption + second
$1,980/mo
+$1,013/mo- Down payment
- $27,865
- Funds due
- $38,462
- Interest + MI left
- $299,865
- First ends
- Jul 2049
New loan
New conventional
$2,020/mo
+$1,053/mo- Down payment
- $27,865
- Funds due
- $35,141
- Interest + MI left
- $374,747
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $109,135 | $109,135 | $247,135 |
| Second mortgage | — | $138,000 | — |
| First P&I | $616.78 | $616.78 | $1,711.11 |
| Second P&I | — | $1,012.60 | — |
| Mortgage insurance | $90.42 | $90.42 | $49.43 |
| Taxes, insurance & HOA | $259.75 | $259.75 | $259.75 |
| Total housing payment | $966.94 | $1,979.54 | $2,020.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,865
Closing costs & prepaids$10,597
Usable credit−$0
Total buyer cash needed$38,462
Earnest money paid−$0
Remaining funds due$38,462
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,750.00
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)$329.25
Prepaid interest, first (1 days)$12.26
Prepaid interest, second (1 days)$30.25
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 8 moOf the original 30-year loan at 4.100%
Interest already paid$35,767Through Nov 2026
Assumption only · ends Jul 2049$73,331
Assumption + second · ends Jul 2049, second Dec 2056$299,865
New conventional · ends Dec 2056$374,747