Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,258/mo
Lowest payment- Down payment
- $161,201
- Funds due
- $170,835
- Interest + MI left
- $111,646
- First ends
- Jul 2049
Assumption
Assumption + second
$2,197/mo
+$939/mo- Down payment
- $33,201
- Funds due
- $44,141
- Interest + MI left
- $321,764
- First ends
- Jul 2049
New loan
New conventional
$2,272/mo
+$1,014/mo- Down payment
- $33,201
- Funds due
- $40,784
- Interest + MI left
- $443,839
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $164,699 | $164,699 | $292,699 |
| Second mortgage | — | $128,000 | — |
| First P&I | $934.38 | $934.38 | $2,026.59 |
| Second P&I | — | $939.22 | — |
| Mortgage insurance | $136.32 | $136.32 | $58.54 |
| Taxes, insurance & HOA | $187.33 | $187.33 | $187.33 |
| Total housing payment | $1,258.03 | $2,197.25 | $2,272.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,201
Closing costs & prepaids$10,939
Usable credit−$0
Total buyer cash needed$44,141
Earnest money paid−$0
Remaining funds due$44,141
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,259.00
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)$112.00
Prepaid interest, first (2 days)$37.36
Prepaid interest, second (2 days)$56.11
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 4.140%
Interest already paid$54,475Through Nov 2026
Assumption only · ends Jul 2049$111,646
Assumption + second · ends Jul 2049, second Dec 2056$321,764
New conventional · ends Dec 2056$443,839