Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,575/mo
Lowest payment- Down payment
- $111,511
- Funds due
- $121,401
- Interest + MI left
- $125,495
- First ends
- Feb 2049
Assumption
Assumption + second
$2,251/mo
+$676/mo- Down payment
- $27,511
- Funds due
- $38,692
- Interest + MI left
- $284,813
- First ends
- Feb 2049
New loan
New conventional
$2,203/mo
+$628/mo- Down payment
- $27,511
- Funds due
- $35,382
- Interest + MI left
- $375,332
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $163,488 | $163,488 | $247,488 |
| Second mortgage | — | $84,000 | — |
| First P&I | $1,000.28 | $1,000.28 | $1,713.56 |
| Second P&I | — | $675.88 | — |
| Mortgage insurance | $134.58 | $134.58 | $49.50 |
| Taxes, insurance & HOA | $440.42 | $440.42 | $440.42 |
| Total housing payment | $1,575.28 | $2,251.16 | $2,203.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,511
Closing costs & prepaids$11,181
Usable credit−$0
Total buyer cash needed$38,692
Earnest money paid−$0
Remaining funds due$38,692
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,749.99
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)$871.25
Prepaid interest, first (2 days)$43.27
Prepaid interest, second (2 days)$41.42
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 3 moOf the original 30-year loan at 4.830%
Interest already paid$66,520Through Nov 2026
Assumption only · ends Feb 2049$125,495
Assumption + second · ends Feb 2049, second Dec 2056$284,813
New conventional · ends Dec 2056$375,332