Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,096/mo
Lowest payment- Down payment
- $38,540
- Funds due
- $46,839
- Interest + MI left
- $75,924
- First ends
- May 2048
Assumption
Assumption + second
$1,402/mo
+$306/mo- Down payment
- $8,540
- Funds due
- $18,138
- Interest + MI left
- $155,977
- First ends
- May 2048
New loan
New conventional
$1,342/mo
+$246/mo- Down payment
- $8,540
- Funds due
- $15,035
- Interest + MI left
- $222,070
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $121,360 | $121,360 | $151,360 |
| Second mortgage | — | $30,000 | — |
| First P&I | $705.70 | $705.70 | $1,025.37 |
| Second P&I | — | $305.70 | — |
| Mortgage insurance | $104.33 | $104.33 | $30.27 |
| Taxes, insurance & HOA | $285.92 | $285.92 | $285.92 |
| Total housing payment | $1,095.94 | $1,401.64 | $1,341.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$8,540
Closing costs & prepaids$9,598
Usable credit−$0
Total buyer cash needed$18,138
Earnest money paid−$0
Remaining funds due$18,138
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,599.00
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)$407.75
Prepaid interest, first (5 days)$67.00
Prepaid interest, second (5 days)$48.80
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 5 moOf the original 30-year loan at 4.03%
Interest already paid$46,764Through Dec 2026
Assumption only · ends May 2048$75,924
Assumption + second · ends May 2048, second Jan 2057$155,977
New conventional · ends Jan 2057$222,070