Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,329/mo
Lowest payment- Down payment
- $194,991
- Funds due
- $205,090
- Interest + MI left
- $117,581
- First ends
- May 2049
Assumption
Assumption + second
$2,495/mo
+$1,167/mo- Down payment
- $35,991
- Funds due
- $47,410
- Interest + MI left
- $378,588
- First ends
- May 2049
New loan
New conventional
$2,536/mo
+$1,207/mo- Down payment
- $35,991
- Funds due
- $44,021
- Interest + MI left
- $491,230
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $164,909 | $164,909 | $323,909 |
| Second mortgage | — | $159,000 | — |
| First P&I | $964.13 | $964.13 | $2,242.68 |
| Second P&I | — | $1,166.69 | — |
| Mortgage insurance | $136.22 | $136.22 | $64.78 |
| Taxes, insurance & HOA | $228.33 | $228.33 | $228.33 |
| Total housing payment | $1,328.69 | $2,495.37 | $2,535.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,991
Closing costs & prepaids$11,419
Usable credit−$0
Total buyer cash needed$47,410
Earnest money paid−$0
Remaining funds due$47,410
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,599.00
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)$235.00
Prepaid interest, first (2 days)$39.85
Prepaid interest, second (2 days)$69.70
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 6 moOf the original 30-year loan at 4.410%
Interest already paid$59,374Through Nov 2026
Assumption only · ends May 2049$117,581
Assumption + second · ends May 2049, second Dec 2056$378,588
New conventional · ends Dec 2056$491,230