Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,244/mo
Lowest payment- Down payment
- $86,279
- Funds due
- $95,399
- Interest + MI left
- $91,981
- First ends
- Oct 2049
Assumption
Assumption + second
$1,751/mo
+$507/mo- Down payment
- $23,279
- Funds due
- $33,681
- Interest + MI left
- $211,469
- First ends
- Oct 2049
New loan
New conventional
$1,811/mo
+$567/mo- Down payment
- $23,279
- Funds due
- $30,420
- Interest + MI left
- $313,313
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $143,621 | $143,621 | $206,621 |
| Second mortgage | — | $63,000 | — |
| First P&I | $786.11 | $786.11 | $1,430.60 |
| Second P&I | — | $506.91 | — |
| Mortgage insurance | $118.92 | $118.92 | $41.32 |
| Taxes, insurance & HOA | $338.67 | $338.67 | $338.67 |
| Total housing payment | $1,243.70 | $1,750.61 | $1,810.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,279
Closing costs & prepaids$10,401
Usable credit−$0
Total buyer cash needed$33,681
Earnest money paid−$0
Remaining funds due$33,681
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,299.00
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)$566.00
Prepaid interest, first (2 days)$30.22
Prepaid interest, second (2 days)$31.07
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 11 moOf the original 30-year loan at 3.840%
Interest already paid$42,553Through Nov 2026
Assumption only · ends Oct 2049$91,981
Assumption + second · ends Oct 2049, second Dec 2056$211,469
New conventional · ends Dec 2056$313,313