Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,903/mo
Lowest payment- Down payment
- $165,116
- Funds due
- $176,064
- Interest + MI left
- $158,152
- First ends
- Aug 2049
Assumption
Assumption + second
$2,805/mo
+$903/mo- Down payment
- $42,116
- Funds due
- $54,368
- Interest + MI left
- $360,063
- First ends
- Aug 2049
New loan
New conventional
$2,980/mo
+$1,077/mo- Down payment
- $42,116
- Funds due
- $50,942
- Interest + MI left
- $565,429
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $249,884 | $249,884 | $372,884 |
| Second mortgage | — | $123,000 | — |
| First P&I | $1,371.32 | $1,371.32 | $2,581.77 |
| Second P&I | — | $902.53 | — |
| Mortgage insurance | $207.96 | $207.96 | $74.58 |
| Taxes, insurance & HOA | $323.58 | $323.58 | $323.58 |
| Total housing payment | $1,902.86 | $2,805.39 | $2,979.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,116
Closing costs & prepaids$12,252
Usable credit−$0
Total buyer cash needed$54,368
Earnest money paid−$0
Remaining funds due$54,368
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
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)$52.30
Prepaid interest, second (2 days)$53.92
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 3.820%
Interest already paid$75,605Through Nov 2026
Assumption only · ends Aug 2049$158,152
Assumption + second · ends Aug 2049, second Dec 2056$360,063
New conventional · ends Dec 2056$565,429