Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,569/mo
Lowest payment- Down payment
- $112,920
- Funds due
- $123,068
- Interest + MI left
- $106,992
- First ends
- Nov 2049
Assumption
Assumption + second
$2,237/mo
+$668/mo- Down payment
- $29,920
- Funds due
- $41,359
- Interest + MI left
- $264,413
- First ends
- Nov 2049
New loan
New conventional
$2,332/mo
+$763/mo- Down payment
- $29,920
- Funds due
- $38,040
- Interest + MI left
- $394,325
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $177,080 | $177,080 | $260,080 |
| Second mortgage | — | $83,000 | — |
| First P&I | $942.49 | $942.49 | $1,800.74 |
| Second P&I | — | $667.84 | — |
| Mortgage insurance | $147.20 | $147.20 | $52.02 |
| Taxes, insurance & HOA | $479.50 | $479.50 | $479.50 |
| Total housing payment | $1,569.19 | $2,237.03 | $2,332.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,920
Closing costs & prepaids$11,439
Usable credit−$0
Total buyer cash needed$41,359
Earnest money paid−$0
Remaining funds due$41,359
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,900.00
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)$988.50
Prepaid interest, first (2 days)$34.74
Prepaid interest, second (2 days)$40.93
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 closing23 yrOf the original 30-year loan at 3.580%
Interest already paid$48,434Through Nov 2026
Assumption only · ends Nov 2049$106,992
Assumption + second · ends Nov 2049, second Dec 2056$264,413
New conventional · ends Dec 2056$394,325