Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,684/mo
Lowest payment- Down payment
- $149,554
- Funds due
- $160,023
- Interest + MI left
- $112,132
- First ends
- Jun 2047
Assumption
Assumption + second
$2,535/mo
+$851/mo- Down payment
- $33,554
- Funds due
- $45,400
- Interest + MI left
- $302,552
- First ends
- Jun 2047
New loan
New conventional
$2,497/mo
+$814/mo- Down payment
- $33,554
- Funds due
- $42,075
- Interest + MI left
- $433,248
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $180,346 | $180,346 | $296,346 |
| Second mortgage | — | $116,000 | — |
| First P&I | $1,094.66 | $1,094.66 | $2,007.55 |
| Second P&I | — | $851.17 | — |
| Mortgage insurance | $158.56 | $158.56 | $59.27 |
| Taxes, insurance & HOA | $430.42 | $430.42 | $430.42 |
| Total housing payment | $1,683.64 | $2,534.81 | $2,497.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,554
Closing costs & prepaids$11,846
Usable credit−$0
Total buyer cash needed$45,400
Earnest money paid−$0
Remaining funds due$45,400
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,299.00
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)$841.25
Prepaid interest, first (5 days)$103.76
Prepaid interest, second (5 days)$127.12
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 6 moOf the original 30-year loan at 4.2%
Interest already paid$81,288Through Dec 2026
Assumption only · ends Jun 2047$112,132
Assumption + second · ends Jun 2047, second Jan 2057$302,552
New conventional · ends Jan 2057$433,248