Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,436/mo
Lowest payment- Down payment
- $141,129
- Funds due
- $151,008
- Interest + MI left
- $123,972
- First ends
- Jun 2049
Assumption
Assumption + second
$2,236/mo
+$800/mo- Down payment
- $32,129
- Funds due
- $43,401
- Interest + MI left
- $302,901
- First ends
- Jun 2049
New loan
New conventional
$2,249/mo
+$813/mo- Down payment
- $32,129
- Funds due
- $40,095
- Interest + MI left
- $413,548
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $173,871 | $173,871 | $282,871 |
| Second mortgage | — | $109,000 | — |
| First P&I | $1,016.54 | $1,016.54 | $1,916.27 |
| Second P&I | — | $799.80 | — |
| Mortgage insurance | $143.62 | $143.62 | $56.57 |
| Taxes, insurance & HOA | $276.00 | $276.00 | $276.00 |
| Total housing payment | $1,436.16 | $2,235.96 | $2,248.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,129
Closing costs & prepaids$11,272
Usable credit−$0
Total buyer cash needed$43,401
Earnest money paid−$0
Remaining funds due$43,401
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,150.00
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)$378.00
Prepaid interest, first (6 days)$126.04
Prepaid interest, second (6 days)$143.34
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 4.41%
Interest already paid$62,601Through Dec 2026
Assumption only · ends Jun 2049$123,972
Assumption + second · ends Jun 2049, second Jan 2057$302,901
New conventional · ends Jan 2057$413,548