Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$945/mo
Lowest payment- Down payment
- $158,447
- Funds due
- $167,565
- Interest + MI left
- $77,947
- First ends
- Mar 2049
Assumption
Assumption + second
$1,914/mo
+$969/mo- Down payment
- $26,447
- Funds due
- $36,844
- Interest + MI left
- $294,632
- First ends
- Mar 2049
New loan
New conventional
$1,907/mo
+$961/mo- Down payment
- $26,447
- Funds due
- $33,534
- Interest + MI left
- $354,152
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $101,553 | $101,553 | $233,553 |
| Second mortgage | — | $132,000 | — |
| First P&I | $618.90 | $618.90 | $1,617.07 |
| Second P&I | — | $968.57 | — |
| Mortgage insurance | $83.46 | $83.46 | $46.71 |
| Taxes, insurance & HOA | $243.00 | $243.00 | $243.00 |
| Total housing payment | $945.36 | $1,913.93 | $1,906.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,447
Closing costs & prepaids$10,396
Usable credit−$0
Total buyer cash needed$36,844
Earnest money paid−$0
Remaining funds due$36,844
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,600.00
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)$279.00
Prepaid interest, first (1 days)$13.38
Prepaid interest, second (1 days)$28.93
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 4 moOf the original 30-year loan at 4.810%
Interest already paid$40,666Through Nov 2026
Assumption only · ends Mar 2049$77,947
Assumption + second · ends Mar 2049, second Dec 2056$294,632
New conventional · ends Dec 2056$354,152