Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,891/mo
Lowest payment- Down payment
- $180,445
- Funds due
- $191,541
- Interest + MI left
- $155,317
- First ends
- Aug 2049
Assumption
Assumption + second
$2,896/mo
+$1,005/mo- Down payment
- $43,445
- Funds due
- $55,851
- Interest + MI left
- $380,210
- First ends
- Aug 2049
New loan
New conventional
$3,077/mo
+$1,185/mo- Down payment
- $43,445
- Funds due
- $52,412
- Interest + MI left
- $586,008
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $249,455 | $249,455 | $386,455 |
| Second mortgage | — | $137,000 | — |
| First P&I | $1,359.63 | $1,359.63 | $2,675.74 |
| Second P&I | — | $1,005.26 | — |
| Mortgage insurance | $207.96 | $207.96 | $77.29 |
| Taxes, insurance & HOA | $323.58 | $323.58 | $323.58 |
| Total housing payment | $1,891.17 | $2,896.43 | $3,076.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,445
Closing costs & prepaids$12,406
Usable credit−$0
Total buyer cash needed$55,851
Earnest money paid−$0
Remaining funds due$55,851
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,299.00
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)$520.75
Prepaid interest, first (2 days)$51.26
Prepaid interest, second (2 days)$60.05
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 9 moOf the original 30-year loan at 3.750%
Interest already paid$74,159Through Nov 2026
Assumption only · ends Aug 2049$155,317
Assumption + second · ends Aug 2049, second Dec 2056$380,210
New conventional · ends Dec 2056$586,008