Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,967/mo
Lowest payment- Down payment
- $119,126
- Funds due
- $129,757
- Interest + MI left
- $157,287
- First ends
- Aug 2048
Assumption
Assumption + second
$2,651/mo
+$684/mo- Down payment
- $34,126
- Funds due
- $46,112
- Interest + MI left
- $318,501
- First ends
- Aug 2048
New loan
New conventional
$2,572/mo
+$605/mo- Down payment
- $34,126
- Funds due
- $42,778
- Interest + MI left
- $447,238
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $220,874 | $220,874 | $305,874 |
| Second mortgage | — | $85,000 | — |
| First P&I | $1,342.32 | $1,342.32 | $2,072.10 |
| Second P&I | — | $683.93 | — |
| Mortgage insurance | $185.69 | $185.69 | $61.17 |
| Taxes, insurance & HOA | $439.00 | $439.00 | $439.00 |
| Total housing payment | $1,967.01 | $2,650.94 | $2,572.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,126
Closing costs & prepaids$11,986
Usable credit−$0
Total buyer cash needed$46,112
Earnest money paid−$0
Remaining funds due$46,112
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,400.00
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)$867.00
Prepaid interest, first (5 days)$138.88
Prepaid interest, second (5 days)$104.79
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 closing21 yr 8 moOf the original 30-year loan at 4.59%
Interest already paid$92,958Through Dec 2026
Assumption only · ends Aug 2048$157,287
Assumption + second · ends Aug 2048, second Jan 2057$318,501
New conventional · ends Jan 2057$447,238