Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,620/mo
Lowest payment- Down payment
- $127,391
- Funds due
- $137,554
- Interest + MI left
- $131,747
- First ends
- Sep 2049
Assumption
Assumption + second
$2,368/mo
+$748/mo- Down payment
- $34,391
- Funds due
- $45,942
- Interest + MI left
- $308,135
- First ends
- Sep 2049
New loan
New conventional
$2,417/mo
+$798/mo- Down payment
- $34,391
- Funds due
- $42,641
- Interest + MI left
- $446,836
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $212,599 | $212,599 | $305,599 |
| Second mortgage | — | $93,000 | — |
| First P&I | $1,156.48 | $1,156.48 | $2,070.23 |
| Second P&I | — | $748.30 | — |
| Mortgage insurance | $177.32 | $177.32 | $61.12 |
| Taxes, insurance & HOA | $286.00 | $286.00 | $286.00 |
| Total housing payment | $1,619.80 | $2,368.10 | $2,417.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,391
Closing costs & prepaids$11,551
Usable credit−$0
Total buyer cash needed$45,942
Earnest money paid−$0
Remaining funds due$45,942
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,399.90
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)$408.00
Prepaid interest, first (6 days)$130.36
Prepaid interest, second (6 days)$137.59
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 9 moOf the original 30-year loan at 3.73%
Interest already paid$62,882Through Dec 2026
Assumption only · ends Sep 2049$131,747
Assumption + second · ends Sep 2049, second Jan 2057$308,135
New conventional · ends Jan 2057$446,836