Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,861/mo
Lowest payment- Down payment
- $161,118
- Funds due
- $171,987
- Interest + MI left
- $155,663
- First ends
- Nov 2049
Assumption
Assumption + second
$2,741/mo
+$881/mo- Down payment
- $41,118
- Funds due
- $53,290
- Interest + MI left
- $352,649
- First ends
- Nov 2049
New loan
New conventional
$2,923/mo
+$1,063/mo- Down payment
- $41,118
- Funds due
- $49,873
- Interest + MI left
- $551,779
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $243,882 | $243,882 | $363,882 |
| Second mortgage | — | $120,000 | — |
| First P&I | $1,327.95 | $1,327.95 | $2,519.45 |
| Second P&I | — | $880.52 | — |
| Mortgage insurance | $201.62 | $201.62 | $72.78 |
| Taxes, insurance & HOA | $331.17 | $331.17 | $331.17 |
| Total housing payment | $1,860.74 | $2,741.25 | $2,923.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,118
Closing costs & prepaids$12,172
Usable credit−$0
Total buyer cash needed$53,290
Earnest money paid−$0
Remaining funds due$53,290
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,050.00
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)$543.50
Prepaid interest, first (2 days)$50.91
Prepaid interest, second (2 days)$52.60
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 3.810%
Interest already paid$70,785Through Nov 2026
Assumption only · ends Nov 2049$155,663
Assumption + second · ends Nov 2049, second Dec 2056$352,649
New conventional · ends Dec 2056$551,779