Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,282/mo
Lowest payment- Down payment
- $117,086
- Funds due
- $128,168
- Interest + MI left
- $206,198
- First ends
- Jun 2049
Assumption
Assumption + second
$2,885/mo
+$603/mo- Down payment
- $42,086
- Funds due
- $54,529
- Interest + MI left
- $348,446
- First ends
- Jun 2049
New loan
New conventional
$2,917/mo
+$635/mo- Down payment
- $42,086
- Funds due
- $51,178
- Interest + MI left
- $545,262
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $297,914 | $297,914 | $372,914 |
| Second mortgage | — | $75,000 | — |
| First P&I | $1,718.84 | $1,718.84 | $2,526.25 |
| Second P&I | — | $603.47 | — |
| Mortgage insurance | $246.90 | $246.90 | $74.58 |
| Taxes, insurance & HOA | $316.00 | $316.00 | $316.00 |
| Total housing payment | $2,281.74 | $2,885.21 | $2,916.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,086
Closing costs & prepaids$12,443
Usable credit−$0
Total buyer cash needed$54,529
Earnest money paid−$0
Remaining funds due$54,529
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)$498.00
Prepaid interest, first (6 days)$209.11
Prepaid interest, second (6 days)$110.96
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 4.27%
Interest already paid$104,040Through Dec 2026
Assumption only · ends Jun 2049$206,198
Assumption + second · ends Jun 2049, second Jan 2057$348,446
New conventional · ends Jan 2057$545,262