Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$887/mo
Lowest payment- Down payment
- $107,222
- Funds due
- $115,843
- Interest + MI left
- $64,088
- First ends
- Jan 2049
Assumption
Assumption + second
$1,595/mo
+$708/mo- Down payment
- $19,222
- Funds due
- $29,137
- Interest + MI left
- $230,993
- First ends
- Jan 2049
New loan
New conventional
$1,524/mo
+$638/mo- Down payment
- $19,222
- Funds due
- $25,898
- Interest + MI left
- $258,811
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $82,678 | $82,678 | $170,678 |
| Second mortgage | — | $88,000 | — |
| First P&I | $510.17 | $510.17 | $1,181.74 |
| Second P&I | — | $708.07 | — |
| Mortgage insurance | $68.09 | $68.09 | $34.14 |
| Taxes, insurance & HOA | $308.25 | $308.25 | $308.25 |
| Total housing payment | $886.51 | $1,594.57 | $1,524.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,222
Closing costs & prepaids$9,914
Usable credit−$0
Total buyer cash needed$29,137
Earnest money paid−$0
Remaining funds due$29,137
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,899.00
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)$474.75
Prepaid interest, first (2 days)$22.20
Prepaid interest, second (2 days)$43.40
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 2 moOf the original 30-year loan at 4.900%
Interest already paid$34,507Through Nov 2026
Assumption only · ends Jan 2049$64,088
Assumption + second · ends Jan 2049, second Dec 2056$230,993
New conventional · ends Dec 2056$258,811