Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,545/mo
Lowest payment- Down payment
- $95,921
- Funds due
- $105,577
- Interest + MI left
- $119,207
- First ends
- Jul 2048
Assumption
Assumption + second
$2,100/mo
+$555/mo- Down payment
- $26,921
- Funds due
- $37,912
- Interest + MI left
- $250,075
- First ends
- Jul 2048
New loan
New conventional
$2,036/mo
+$491/mo- Down payment
- $26,921
- Funds due
- $34,637
- Interest + MI left
- $348,063
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $169,079 | $169,079 | $238,079 |
| Second mortgage | — | $69,000 | — |
| First P&I | $1,027.08 | $1,027.08 | $1,612.83 |
| Second P&I | — | $555.19 | — |
| Mortgage insurance | $142.58 | $142.58 | $47.62 |
| Taxes, insurance & HOA | $375.25 | $375.25 | $375.25 |
| Total housing payment | $1,544.90 | $2,100.09 | $2,035.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,921
Closing costs & prepaids$10,991
Usable credit−$0
Total buyer cash needed$37,912
Earnest money paid−$0
Remaining funds due$37,912
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,650.00
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)$675.75
Prepaid interest, first (5 days)$105.62
Prepaid interest, second (5 days)$85.07
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 7 moOf the original 30-year loan at 4.56%
Interest already paid$71,528Through Dec 2026
Assumption only · ends Jul 2048$119,207
Assumption + second · ends Jul 2048, second Jan 2057$250,075
New conventional · ends Jan 2057$348,063