Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,374/mo
Lowest payment- Down payment
- $79,903
- Funds due
- $89,107
- Interest + MI left
- $104,304
- First ends
- Aug 2048
Assumption
Assumption + second
$1,825/mo
+$451/mo- Down payment
- $23,903
- Funds due
- $34,426
- Interest + MI left
- $210,516
- First ends
- Aug 2048
New loan
New conventional
$1,783/mo
+$409/mo- Down payment
- $23,903
- Funds due
- $31,178
- Interest + MI left
- $301,265
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $150,097 | $150,097 | $206,097 |
| Second mortgage | — | $56,000 | — |
| First P&I | $902.28 | $902.28 | $1,396.17 |
| Second P&I | — | $450.59 | — |
| Mortgage insurance | $126.58 | $126.58 | $41.22 |
| Taxes, insurance & HOA | $345.50 | $345.50 | $345.50 |
| Total housing payment | $1,374.36 | $1,824.95 | $1,782.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,903
Closing costs & prepaids$10,522
Usable credit−$0
Total buyer cash needed$34,426
Earnest money paid−$0
Remaining funds due$34,426
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,300.00
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)$586.50
Prepaid interest, first (5 days)$91.91
Prepaid interest, second (5 days)$69.04
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 4.47%
Interest already paid$61,622Through Dec 2026
Assumption only · ends Aug 2048$104,304
Assumption + second · ends Aug 2048, second Jan 2057$210,516
New conventional · ends Jan 2057$301,265