Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,529/mo
Lowest payment- Down payment
- $148,440
- Funds due
- $160,560
- Interest + MI left
- $223,976
- First ends
- Aug 2049
Assumption
Assumption + second
$3,263/mo
+$734/mo- Down payment
- $48,440
- Funds due
- $61,942
- Interest + MI left
- $388,132
- First ends
- Aug 2049
New loan
New conventional
$3,398/mo
+$869/mo- Down payment
- $48,440
- Funds due
- $58,565
- Interest + MI left
- $636,861
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $335,560 | $335,560 | $435,560 |
| Second mortgage | — | $100,000 | — |
| First P&I | $1,890.96 | $1,890.96 | $2,950.64 |
| Second P&I | — | $733.76 | — |
| Mortgage insurance | $278.20 | $278.20 | $87.11 |
| Taxes, insurance & HOA | $360.25 | $360.25 | $360.25 |
| Total housing payment | $2,529.41 | $3,263.17 | $3,398.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,440
Closing costs & prepaids$13,502
Usable credit−$0
Total buyer cash needed$61,942
Earnest money paid−$0
Remaining funds due$61,942
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,840.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$580.75
Prepaid interest, first (6 days)$224.50
Prepaid interest, second (6 days)$131.51
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 4.07%
Interest already paid$109,209Through Dec 2026
Assumption only · ends Aug 2049$223,976
Assumption + second · ends Aug 2049, second Jan 2057$388,132
New conventional · ends Jan 2057$636,861