Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,367/mo
Lowest payment- Down payment
- $132,621
- Funds due
- $142,463
- Interest + MI left
- $100,273
- First ends
- Aug 2049
Assumption
Assumption + second
$2,130/mo
+$763/mo- Down payment
- $28,621
- Funds due
- $39,759
- Interest + MI left
- $270,995
- First ends
- Aug 2049
New loan
New conventional
$2,202/mo
+$835/mo- Down payment
- $28,621
- Funds due
- $36,445
- Interest + MI left
- $381,183
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $147,379 | $147,379 | $251,379 |
| Second mortgage | — | $104,000 | — |
| First P&I | $834.27 | $834.27 | $1,740.50 |
| Second P&I | — | $763.12 | — |
| Mortgage insurance | $121.71 | $121.71 | $50.28 |
| Taxes, insurance & HOA | $411.08 | $411.08 | $411.08 |
| Total housing payment | $1,367.07 | $2,130.18 | $2,201.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,621
Closing costs & prepaids$11,137
Usable credit−$0
Total buyer cash needed$39,759
Earnest money paid−$0
Remaining funds due$39,759
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,800.00
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)$783.25
Prepaid interest, first (2 days)$33.43
Prepaid interest, second (2 days)$45.59
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 4.140%
Interest already paid$48,130Through Nov 2026
Assumption only · ends Aug 2049$100,273
Assumption + second · ends Aug 2049, second Dec 2056$270,995
New conventional · ends Dec 2056$381,183