Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,107/mo
Lowest payment- Down payment
- $66,491
- Funds due
- $75,225
- Interest + MI left
- $65,380
- First ends
- Feb 2048
Assumption
Assumption + second
$1,493/mo
+$386/mo- Down payment
- $18,491
- Funds due
- $28,546
- Interest + MI left
- $156,419
- First ends
- Feb 2048
New loan
New conventional
$1,489/mo
+$383/mo- Down payment
- $18,491
- Funds due
- $25,361
- Interest + MI left
- $236,121
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $113,509 | $113,509 | $161,509 |
| Second mortgage | — | $48,000 | — |
| First P&I | $648.13 | $648.13 | $1,094.12 |
| Second P&I | — | $386.22 | — |
| Mortgage insurance | $95.42 | $95.42 | $32.30 |
| Taxes, insurance & HOA | $363.00 | $363.00 | $363.00 |
| Total housing payment | $1,106.54 | $1,492.76 | $1,489.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,491
Closing costs & prepaids$10,055
Usable credit−$0
Total buyer cash needed$28,546
Earnest money paid−$0
Remaining funds due$28,546
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,800.00
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)$639.00
Prepaid interest, first (6 days)$69.97
Prepaid interest, second (6 days)$71.01
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 2 moOf the original 28-year loan at 3.75%
Interest already paid$31,951Through Dec 2026
Assumption only · ends Feb 2048$65,380
Assumption + second · ends Feb 2048, second Jan 2057$156,419
New conventional · ends Jan 2057$236,121