Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,432/mo
Lowest payment- Down payment
- $106,996
- Funds due
- $117,005
- Interest + MI left
- $82,285
- First ends
- Jul 2049
Assumption
Assumption + second
$2,108/mo
+$676/mo- Down payment
- $22,996
- Funds due
- $34,276
- Interest + MI left
- $241,603
- First ends
- Jul 2049
New loan
New conventional
$2,096/mo
+$664/mo- Down payment
- $22,996
- Funds due
- $31,002
- Interest + MI left
- $306,312
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $118,004 | $118,004 | $202,004 |
| Second mortgage | — | $84,000 | — |
| First P&I | $677.85 | $677.85 | $1,398.63 |
| Second P&I | — | $675.88 | — |
| Mortgage insurance | $97.37 | $97.37 | $40.40 |
| Taxes, insurance & HOA | $656.75 | $656.75 | $656.75 |
| Total housing payment | $1,431.97 | $2,107.85 | $2,095.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,996
Closing costs & prepaids$11,280
Usable credit−$0
Total buyer cash needed$34,276
Earnest money paid−$0
Remaining funds due$34,276
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,250.00
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)$1,520.25
Prepaid interest, first (1 days)$13.80
Prepaid interest, second (1 days)$20.71
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 4.270%
Interest already paid$40,191Through Nov 2026
Assumption only · ends Jul 2049$82,285
Assumption + second · ends Jul 2049, second Dec 2056$241,603
New conventional · ends Dec 2056$306,312