Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,882/mo
Lowest payment- Down payment
- $75,882
- Funds due
- $85,927
- Interest + MI left
- $131,654
- First ends
- Oct 2047
Assumption
Assumption + second
$2,252/mo
+$370/mo- Down payment
- $29,882
- Funds due
- $41,234
- Interest + MI left
- $218,899
- First ends
- Oct 2047
New loan
New conventional
$2,249/mo
+$367/mo- Down payment
- $29,882
- Funds due
- $37,970
- Interest + MI left
- $387,500
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $219,018 | $219,018 | $265,018 |
| Second mortgage | — | $46,000 | — |
| First P&I | $1,289.11 | $1,289.11 | $1,795.32 |
| Second P&I | — | $370.13 | — |
| Mortgage insurance | $191.96 | $191.96 | $53.00 |
| Taxes, insurance & HOA | $400.67 | $400.67 | $400.67 |
| Total housing payment | $1,881.74 | $2,251.86 | $2,248.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,882
Closing costs & prepaids$11,352
Usable credit−$0
Total buyer cash needed$41,234
Earnest money paid−$0
Remaining funds due$41,234
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,949.00
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)$752.00
Prepaid interest, first (5 days)$119.11
Prepaid interest, second (5 days)$56.71
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 10 moOf the original 30-year loan at 3.97%
Interest already paid$89,820Through Dec 2026
Assumption only · ends Oct 2047$131,654
Assumption + second · ends Oct 2047, second Jan 2057$218,899
New conventional · ends Jan 2057$387,500