Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,090/mo
Lowest payment- Down payment
- $158,940
- Funds due
- $170,276
- Interest + MI left
- $144,917
- First ends
- Feb 2048
Assumption
Assumption + second
$2,963/mo
+$873/mo- Down payment
- $39,940
- Funds due
- $52,630
- Interest + MI left
- $340,262
- First ends
- Feb 2048
New loan
New conventional
$2,976/mo
+$886/mo- Down payment
- $39,940
- Funds due
- $49,253
- Interest + MI left
- $518,821
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $240,060 | $240,060 | $359,060 |
| Second mortgage | — | $119,000 | — |
| First P&I | $1,392.28 | $1,392.28 | $2,415.42 |
| Second P&I | — | $873.18 | — |
| Mortgage insurance | $208.58 | $208.58 | $71.81 |
| Taxes, insurance & HOA | $489.17 | $489.17 | $489.17 |
| Total housing payment | $2,090.03 | $2,963.21 | $2,976.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,940
Closing costs & prepaids$12,690
Usable credit−$0
Total buyer cash needed$52,630
Earnest money paid−$0
Remaining funds due$52,630
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,990.00
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)$1,017.50
Prepaid interest, first (4 days)$103.13
Prepaid interest, second (4 days)$104.33
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 30-year loan at 3.92%
Interest already paid$93,175Through Dec 2026
Assumption only · ends Feb 2048$144,917
Assumption + second · ends Feb 2048, second Jan 2057$340,262
New conventional · ends Jan 2057$518,821