Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,982/mo
Lowest payment- Down payment
- $188,150
- Funds due
- $199,579
- Interest + MI left
- $164,955
- First ends
- Sep 2049
Assumption
Assumption + second
$3,031/mo
+$1,049/mo- Down payment
- $45,150
- Funds due
- $58,017
- Interest + MI left
- $399,697
- First ends
- Sep 2049
New loan
New conventional
$3,154/mo
+$1,171/mo- Down payment
- $45,150
- Funds due
- $54,641
- Interest + MI left
- $591,958
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $261,850 | $261,850 | $404,850 |
| Second mortgage | — | $143,000 | — |
| First P&I | $1,434.18 | $1,434.18 | $2,742.59 |
| Second P&I | — | $1,049.28 | — |
| Mortgage insurance | $218.02 | $218.02 | $80.97 |
| Taxes, insurance & HOA | $330.00 | $330.00 | $330.00 |
| Total housing payment | $1,982.20 | $3,031.49 | $3,153.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,150
Closing costs & prepaids$12,867
Usable credit−$0
Total buyer cash needed$58,017
Earnest money paid−$0
Remaining funds due$58,017
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$540.00
Prepaid interest, first (6 days)$163.57
Prepaid interest, second (6 days)$188.05
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 9 moOf the original 30-year loan at 3.8%
Interest already paid$78,831Through Dec 2026
Assumption only · ends Sep 2049$164,955
Assumption + second · ends Sep 2049, second Jan 2057$399,697
New conventional · ends Jan 2057$591,958