Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,720/mo
Lowest payment- Down payment
- $182,234
- Funds due
- $192,978
- Interest + MI left
- $146,970
- First ends
- Jul 2049
Assumption
Assumption + second
$2,762/mo
+$1,042/mo- Down payment
- $40,234
- Funds due
- $52,291
- Interest + MI left
- $380,070
- First ends
- Jul 2049
New loan
New conventional
$2,870/mo
+$1,149/mo- Down payment
- $40,234
- Funds due
- $48,873
- Interest + MI left
- $545,608
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $217,765 | $217,765 | $359,765 |
| Second mortgage | — | $142,000 | — |
| First P&I | $1,233.07 | $1,233.07 | $2,490.94 |
| Second P&I | — | $1,041.95 | — |
| Mortgage insurance | $180.33 | $180.33 | $71.95 |
| Taxes, insurance & HOA | $306.83 | $306.83 | $306.83 |
| Total housing payment | $1,720.23 | $2,762.18 | $2,869.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,234
Closing costs & prepaids$12,057
Usable credit−$0
Total buyer cash needed$52,291
Earnest money paid−$0
Remaining funds due$52,291
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.99
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)$470.50
Prepaid interest, first (2 days)$49.16
Prepaid interest, second (2 days)$62.25
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 8 moOf the original 30-year loan at 4.120%
Interest already paid$71,698Through Nov 2026
Assumption only · ends Jul 2049$146,970
Assumption + second · ends Jul 2049, second Dec 2056$380,070
New conventional · ends Dec 2056$545,608