Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,785/mo
Lowest payment- Down payment
- $164,848
- Funds due
- $175,761
- Interest + MI left
- $134,808
- First ends
- Mar 2049
Assumption
Assumption + second
$2,732/mo
+$947/mo- Down payment
- $35,848
- Funds due
- $48,067
- Interest + MI left
- $346,569
- First ends
- Mar 2049
New loan
New conventional
$2,768/mo
+$983/mo- Down payment
- $35,848
- Funds due
- $44,684
- Interest + MI left
- $476,218
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $185,052 | $185,052 | $314,052 |
| Second mortgage | — | $129,000 | — |
| First P&I | $1,100.94 | $1,100.94 | $2,174.43 |
| Second P&I | — | $946.56 | — |
| Mortgage insurance | $153.01 | $153.01 | $62.81 |
| Taxes, insurance & HOA | $531.00 | $531.00 | $531.00 |
| Total housing payment | $1,784.95 | $2,731.51 | $2,768.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,848
Closing costs & prepaids$12,220
Usable credit−$0
Total buyer cash needed$48,067
Earnest money paid−$0
Remaining funds due$48,067
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.00
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)$1,143.00
Prepaid interest, first (2 days)$46.14
Prepaid interest, second (2 days)$56.55
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 4 moOf the original 30-year loan at 4.550%
Interest already paid$70,324Through Nov 2026
Assumption only · ends Mar 2049$134,808
Assumption + second · ends Mar 2049, second Dec 2056$346,569
New conventional · ends Dec 2056$476,218