Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,940/mo
Lowest payment- Down payment
- $70,164
- Funds due
- $80,153
- Interest + MI left
- $176,642
- First ends
- Jun 2049
Assumption
Assumption + second
$2,245/mo
+$306/mo- Down payment
- $32,164
- Funds due
- $43,459
- Interest + MI left
- $248,714
- First ends
- Jun 2049
New loan
New conventional
$2,285/mo
+$346/mo- Down payment
- $32,164
- Funds due
- $40,191
- Interest + MI left
- $420,864
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $249,836 | $249,836 | $287,836 |
| Second mortgage | — | $38,000 | — |
| First P&I | $1,455.16 | $1,455.16 | $1,949.90 |
| Second P&I | — | $305.76 | — |
| Mortgage insurance | $206.56 | $206.56 | $57.57 |
| Taxes, insurance & HOA | $278.00 | $278.00 | $278.00 |
| Total housing payment | $1,939.72 | $2,245.48 | $2,285.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,164
Closing costs & prepaids$11,295
Usable credit−$0
Total buyer cash needed$43,459
Earnest money paid−$0
Remaining funds due$43,459
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,200.00
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)$384.00
Prepaid interest, first (6 days)$179.47
Prepaid interest, second (6 days)$56.22
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 4.37%
Interest already paid$89,180Through Dec 2026
Assumption only · ends Jun 2049$176,642
Assumption + second · ends Jun 2049, second Jan 2057$248,714
New conventional · ends Jan 2057$420,864