Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,360/mo
Lowest payment- Down payment
- $195,534
- Funds due
- $205,808
- Interest + MI left
- $112,480
- First ends
- Oct 2049
Assumption
Assumption + second
$2,519/mo
+$1,159/mo- Down payment
- $37,534
- Funds due
- $49,128
- Interest + MI left
- $371,845
- First ends
- Oct 2049
New loan
New conventional
$2,641/mo
+$1,281/mo- Down payment
- $37,534
- Funds due
- $45,733
- Interest + MI left
- $511,638
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $179,366 | $179,366 | $337,366 |
| Second mortgage | — | $158,000 | — |
| First P&I | $973.11 | $973.11 | $2,335.85 |
| Second P&I | — | $1,159.35 | — |
| Mortgage insurance | $148.84 | $148.84 | $67.47 |
| Taxes, insurance & HOA | $237.75 | $237.75 | $237.75 |
| Total housing payment | $1,359.70 | $2,519.05 | $2,641.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,534
Closing costs & prepaids$11,593
Usable credit−$0
Total buyer cash needed$49,128
Earnest money paid−$0
Remaining funds due$49,128
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,749.00
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)$263.25
Prepaid interest, first (2 days)$36.86
Prepaid interest, second (2 days)$69.26
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 11 moOf the original 30-year loan at 3.750%
Interest already paid$51,957Through Nov 2026
Assumption only · ends Oct 2049$112,480
Assumption + second · ends Oct 2049, second Dec 2056$371,845
New conventional · ends Dec 2056$511,638