Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,691/mo
Lowest payment- Down payment
- $145,542
- Funds due
- $156,438
- Interest + MI left
- $101,604
- First ends
- Aug 2049
Assumption
Assumption + second
$2,535/mo
+$844/mo- Down payment
- $30,542
- Funds due
- $42,714
- Interest + MI left
- $290,382
- First ends
- Aug 2049
New loan
New conventional
$2,621/mo
+$930/mo- Down payment
- $30,542
- Funds due
- $39,371
- Interest + MI left
- $408,521
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $154,408 | $154,408 | $269,408 |
| Second mortgage | — | $115,000 | — |
| First P&I | $861.49 | $861.49 | $1,865.33 |
| Second P&I | — | $843.83 | — |
| Mortgage insurance | $127.97 | $127.97 | $53.88 |
| Taxes, insurance & HOA | $701.67 | $701.67 | $701.67 |
| Total housing payment | $1,691.13 | $2,534.96 | $2,620.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,542
Closing costs & prepaids$12,172
Usable credit−$0
Total buyer cash needed$42,714
Earnest money paid−$0
Remaining funds due$42,714
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.50
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)$1,655.00
Prepaid interest, first (1 days)$16.88
Prepaid interest, second (1 days)$25.21
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 9 moOf the original 30-year loan at 3.990%
Interest already paid$48,691Through Nov 2026
Assumption only · ends Aug 2049$101,604
Assumption + second · ends Aug 2049, second Dec 2056$290,382
New conventional · ends Dec 2056$408,521