Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,359/mo
Lowest payment- Down payment
- $225,822
- Funds due
- $236,502
- Interest + MI left
- $109,937
- First ends
- Aug 2049
Assumption
Assumption + second
$2,732/mo
+$1,372/mo- Down payment
- $38,822
- Funds due
- $50,998
- Interest + MI left
- $416,907
- First ends
- Aug 2049
New loan
New conventional
$2,740/mo
+$1,381/mo- Down payment
- $38,822
- Funds due
- $47,616
- Interest + MI left
- $510,556
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $162,178 | $162,178 | $349,178 |
| Second mortgage | — | $187,000 | — |
| First P&I | $920.08 | $920.08 | $2,365.45 |
| Second P&I | — | $1,372.14 | — |
| Mortgage insurance | $134.23 | $134.23 | $69.84 |
| Taxes, insurance & HOA | $305.17 | $305.17 | $305.17 |
| Total housing payment | $1,359.48 | $2,731.62 | $2,740.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,822
Closing costs & prepaids$12,177
Usable credit−$0
Total buyer cash needed$50,998
Earnest money paid−$0
Remaining funds due$50,998
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,880.00
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)$465.50
Prepaid interest, first (6 days)$110.37
Prepaid interest, second (6 days)$245.92
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 8 moOf the original 30-year loan at 4.14%
Interest already paid$53,642Through Dec 2026
Assumption only · ends Aug 2049$109,937
Assumption + second · ends Aug 2049, second Jan 2057$416,907
New conventional · ends Jan 2057$510,556