Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,225/mo
Lowest payment- Down payment
- $248,954
- Funds due
- $259,724
- Interest + MI left
- $89,615
- First ends
- Dec 2049
Assumption
Assumption + second
$2,722/mo
+$1,497/mo- Down payment
- $39,954
- Funds due
- $52,240
- Interest + MI left
- $419,643
- First ends
- Dec 2049
New loan
New conventional
$2,806/mo
+$1,581/mo- Down payment
- $39,954
- Funds due
- $48,860
- Interest + MI left
- $523,522
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $149,046 | $149,046 | $358,046 |
| Second mortgage | — | $209,000 | — |
| First P&I | $791.70 | $791.70 | $2,425.53 |
| Second P&I | — | $1,497.30 | — |
| Mortgage insurance | $123.96 | $123.96 | $71.61 |
| Taxes, insurance & HOA | $309.17 | $309.17 | $309.17 |
| Total housing payment | $1,224.83 | $2,722.13 | $2,806.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,954
Closing costs & prepaids$12,286
Usable credit−$0
Total buyer cash needed$52,240
Earnest money paid−$0
Remaining funds due$52,240
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,980.00
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)$477.50
Prepaid interest, first (6 days)$87.22
Prepaid interest, second (6 days)$266.26
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 closing23 yrOf the original 30-year loan at 3.56%
Interest already paid$40,549Through Dec 2026
Assumption only · ends Dec 2049$89,615
Assumption + second · ends Dec 2049, second Jan 2057$419,643
New conventional · ends Jan 2057$523,522