Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$972/mo
Lowest payment- Down payment
- $50,513
- Funds due
- $58,676
- Interest + MI left
- $61,305
- First ends
- Apr 2047
Assumption
Assumption + second
$1,253/mo
+$282/mo- Down payment
- $15,513
- Funds due
- $24,970
- Interest + MI left
- $127,688
- First ends
- Apr 2047
New loan
New conventional
$1,215/mo
+$243/mo- Down payment
- $15,513
- Funds due
- $21,796
- Interest + MI left
- $196,442
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $99,387 | $99,387 | $134,387 |
| Second mortgage | — | $35,000 | — |
| First P&I | $606.38 | $606.38 | $910.38 |
| Second P&I | — | $281.62 | — |
| Mortgage insurance | $87.83 | $87.83 | $26.88 |
| Taxes, insurance & HOA | $277.42 | $277.42 | $277.42 |
| Total housing payment | $971.63 | $1,253.25 | $1,214.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,513
Closing costs & prepaids$9,457
Usable credit−$0
Total buyer cash needed$24,970
Earnest money paid−$0
Remaining funds due$24,970
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,499.00
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)$382.25
Prepaid interest, first (5 days)$57.18
Prepaid interest, second (5 days)$43.15
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 4.2%
Interest already paid$45,727Through Dec 2026
Assumption only · ends Apr 2047$61,305
Assumption + second · ends Apr 2047, second Jan 2057$127,688
New conventional · ends Jan 2057$196,442