Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$995/mo
Lowest payment- Down payment
- $70,979
- Funds due
- $79,455
- Interest + MI left
- $61,255
- First ends
- Nov 2047
Assumption
Assumption + second
$1,421/mo
+$426/mo- Down payment
- $17,979
- Funds due
- $27,770
- Interest + MI left
- $161,777
- First ends
- Nov 2047
New loan
New conventional
$1,394/mo
+$399/mo- Down payment
- $17,979
- Funds due
- $24,575
- Interest + MI left
- $229,559
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $104,021 | $104,021 | $157,021 |
| Second mortgage | — | $53,000 | — |
| First P&I | $604.63 | $604.63 | $1,063.71 |
| Second P&I | — | $426.45 | — |
| Mortgage insurance | $91.24 | $91.24 | $31.40 |
| Taxes, insurance & HOA | $298.75 | $298.75 | $298.75 |
| Total housing payment | $994.63 | $1,421.08 | $1,393.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,979
Closing costs & prepaids$9,792
Usable credit−$0
Total buyer cash needed$27,770
Earnest money paid−$0
Remaining funds due$27,770
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,750.00
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)$446.25
Prepaid interest, first (5 days)$55.00
Prepaid interest, second (5 days)$65.34
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 11 moOf the original 30-year loan at 3.86%
Interest already paid$41,111Through Dec 2026
Assumption only · ends Nov 2047$61,255
Assumption + second · ends Nov 2047, second Jan 2057$161,777
New conventional · ends Jan 2057$229,559