Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,466/mo
Lowest payment- Down payment
- $181,553
- Funds due
- $191,768
- Interest + MI left
- $131,122
- First ends
- Sep 2049
Assumption
Assumption + second
$2,515/mo
+$1,049/mo- Down payment
- $38,553
- Funds due
- $50,080
- Interest + MI left
- $365,864
- First ends
- Sep 2049
New loan
New conventional
$2,620/mo
+$1,154/mo- Down payment
- $38,553
- Funds due
- $46,676
- Interest + MI left
- $513,210
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $195,447 | $195,447 | $338,447 |
| Second mortgage | — | $143,000 | — |
| First P&I | $1,095.43 | $1,095.43 | $2,343.34 |
| Second P&I | — | $1,049.28 | — |
| Mortgage insurance | $161.36 | $161.36 | $67.69 |
| Taxes, insurance & HOA | $208.75 | $208.75 | $208.75 |
| Total housing payment | $1,465.54 | $2,514.82 | $2,619.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,553
Closing costs & prepaids$11,527
Usable credit−$0
Total buyer cash needed$50,080
Earnest money paid−$0
Remaining funds due$50,080
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,770.00
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)$176.25
Prepaid interest, first (2 days)$43.48
Prepaid interest, second (2 days)$62.68
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 10 moOf the original 30-year loan at 4.060%
Interest already paid$61,857Through Nov 2026
Assumption only · ends Sep 2049$131,122
Assumption + second · ends Sep 2049, second Dec 2056$365,864
New conventional · ends Dec 2056$513,210