Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$989/mo
Lowest payment- Down payment
- $71,188
- Funds due
- $79,424
- Interest + MI left
- $88,223
- First ends
- Jan 2049
Assumption
Assumption + second
$1,408/mo
+$418/mo- Down payment
- $19,188
- Funds due
- $28,699
- Interest + MI left
- $186,848
- First ends
- Jan 2049
New loan
New conventional
$1,375/mo
+$385/mo- Down payment
- $19,188
- Funds due
- $25,469
- Interest + MI left
- $251,399
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $113,812 | $113,812 | $165,812 |
| Second mortgage | — | $52,000 | — |
| First P&I | $702.28 | $702.28 | $1,148.05 |
| Second P&I | — | $418.40 | — |
| Mortgage insurance | $93.73 | $93.73 | $33.16 |
| Taxes, insurance & HOA | $193.42 | $193.42 | $193.42 |
| Total housing payment | $989.43 | $1,407.83 | $1,374.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,188
Closing costs & prepaids$9,511
Usable credit−$0
Total buyer cash needed$28,699
Earnest money paid−$0
Remaining funds due$28,699
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,850.00
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)$130.25
Prepaid interest, first (2 days)$30.56
Prepaid interest, second (2 days)$25.64
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 2 moOf the original 30-year loan at 4.900%
Interest already paid$47,502Through Nov 2026
Assumption only · ends Jan 2049$88,223
Assumption + second · ends Jan 2049, second Dec 2056$186,848
New conventional · ends Dec 2056$251,399