Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,412/mo
Lowest payment- Down payment
- $87,236
- Funds due
- $96,567
- Interest + MI left
- $108,070
- First ends
- Jul 2048
Assumption
Assumption + second
$1,919/mo
+$507/mo- Down payment
- $24,236
- Funds due
- $34,895
- Interest + MI left
- $227,558
- First ends
- Jul 2048
New loan
New conventional
$1,858/mo
+$446/mo- Down payment
- $24,236
- Funds due
- $31,642
- Interest + MI left
- $315,336
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $152,664 | $152,664 | $215,664 |
| Second mortgage | — | $63,000 | — |
| First P&I | $929.04 | $929.04 | $1,460.98 |
| Second P&I | — | $506.91 | — |
| Mortgage insurance | $128.67 | $128.67 | $43.13 |
| Taxes, insurance & HOA | $353.92 | $353.92 | $353.92 |
| Total housing payment | $1,411.63 | $1,918.54 | $1,858.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,236
Closing costs & prepaids$10,659
Usable credit−$0
Total buyer cash needed$34,895
Earnest money paid−$0
Remaining funds due$34,895
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,399.00
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)$611.75
Prepaid interest, first (5 days)$95.78
Prepaid interest, second (5 days)$77.67
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 4.58%
Interest already paid$64,849Through Dec 2026
Assumption only · ends Jul 2048$108,070
Assumption + second · ends Jul 2048, second Jan 2057$227,558
New conventional · ends Jan 2057$315,336