Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,700/mo
Lowest payment- Down payment
- $167,937
- Funds due
- $178,569
- Interest + MI left
- $147,808
- First ends
- May 2049
Assumption
Assumption + second
$2,654/mo
+$954/mo- Down payment
- $37,937
- Funds due
- $50,018
- Interest + MI left
- $361,210
- First ends
- May 2049
New loan
New conventional
$2,671/mo
+$971/mo- Down payment
- $37,937
- Funds due
- $46,682
- Interest + MI left
- $496,902
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $209,840 | $209,840 | $339,840 |
| Second mortgage | — | $130,000 | — |
| First P&I | $1,224.88 | $1,224.88 | $2,302.19 |
| Second P&I | — | $953.89 | — |
| Mortgage insurance | $173.88 | $173.88 | $67.97 |
| Taxes, insurance & HOA | $301.08 | $301.08 | $301.08 |
| Total housing payment | $1,699.84 | $2,653.73 | $2,671.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,937
Closing costs & prepaids$12,081
Usable credit−$0
Total buyer cash needed$50,018
Earnest money paid−$0
Remaining funds due$50,018
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,777.77
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)$453.25
Prepaid interest, first (7 days)$175.86
Prepaid interest, second (7 days)$199.45
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 5 moOf the original 30-year loan at 4.37%
Interest already paid$75,833Through Dec 2026
Assumption only · ends May 2049$147,808
Assumption + second · ends May 2049, second Jan 2057$361,210
New conventional · ends Jan 2057$496,902