Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,607/mo
Lowest payment- Down payment
- $62,379
- Funds due
- $71,818
- Interest + MI left
- $134,084
- First ends
- Aug 2049
Assumption
Assumption + second
$1,880/mo
+$274/mo- Down payment
- $28,379
- Funds due
- $39,118
- Interest + MI left
- $198,570
- First ends
- Aug 2049
New loan
New conventional
$1,980/mo
+$373/mo- Down payment
- $28,379
- Funds due
- $35,891
- Interest + MI left
- $360,502
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $212,621 | $212,621 | $246,621 |
| Second mortgage | — | $34,000 | — |
| First P&I | $1,169.52 | $1,169.52 | $1,670.70 |
| Second P&I | — | $273.57 | — |
| Mortgage insurance | $177.35 | $177.35 | $49.32 |
| Taxes, insurance & HOA | $260.00 | $260.00 | $260.00 |
| Total housing payment | $1,606.87 | $1,880.45 | $1,980.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,379
Closing costs & prepaids$10,739
Usable credit−$0
Total buyer cash needed$39,118
Earnest money paid−$0
Remaining funds due$39,118
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,750.00
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)$330.00
Prepaid interest, first (6 days)$133.51
Prepaid interest, second (6 days)$50.30
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 3.82%
Interest already paid$65,157Through Dec 2026
Assumption only · ends Aug 2049$134,084
Assumption + second · ends Aug 2049, second Jan 2057$198,570
New conventional · ends Jan 2057$360,502