Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,496/mo
Lowest payment- Down payment
- $165,577
- Funds due
- $175,904
- Interest + MI left
- $94,192
- First ends
- Apr 2047
Assumption
Assumption + second
$2,472/mo
+$976/mo- Down payment
- $32,577
- Funds due
- $44,300
- Interest + MI left
- $312,519
- First ends
- Apr 2047
New loan
New conventional
$2,426/mo
+$930/mo- Down payment
- $32,577
- Funds due
- $40,974
- Interest + MI left
- $420,056
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $154,323 | $154,323 | $287,323 |
| Second mortgage | — | $133,000 | — |
| First P&I | $937.45 | $937.45 | $1,946.43 |
| Second P&I | — | $975.91 | — |
| Mortgage insurance | $136.60 | $136.60 | $57.46 |
| Taxes, insurance & HOA | $421.92 | $421.92 | $421.92 |
| Total housing payment | $1,495.96 | $2,471.87 | $2,425.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,577
Closing costs & prepaids$11,723
Usable credit−$0
Total buyer cash needed$44,300
Earnest money paid−$0
Remaining funds due$44,300
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,199.00
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)$815.75
Prepaid interest, first (5 days)$87.73
Prepaid interest, second (5 days)$145.75
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 closing20 yr 4 moOf the original 30-year loan at 4.15%
Interest already paid$70,218Through Dec 2026
Assumption only · ends Apr 2047$94,192
Assumption + second · ends Apr 2047, second Jan 2057$312,519
New conventional · ends Jan 2057$420,056