Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,209/mo
Lowest payment- Down payment
- $171,295
- Funds due
- $182,929
- Interest + MI left
- $170,096
- First ends
- Jun 2048
Assumption
Assumption + second
$3,156/mo
+$947/mo- Down payment
- $42,295
- Funds due
- $55,321
- Interest + MI left
- $381,857
- First ends
- Jun 2048
New loan
New conventional
$3,133/mo
+$924/mo- Down payment
- $42,295
- Funds due
- $51,926
- Interest + MI left
- $550,805
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $247,705 | $247,705 | $376,705 |
| Second mortgage | — | $129,000 | — |
| First P&I | $1,493.18 | $1,493.18 | $2,551.93 |
| Second P&I | — | $946.56 | — |
| Mortgage insurance | $209.97 | $209.97 | $75.34 |
| Taxes, insurance & HOA | $506.17 | $506.17 | $506.17 |
| Total housing payment | $2,209.32 | $3,155.87 | $3,133.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,295
Closing costs & prepaids$13,026
Usable credit−$0
Total buyer cash needed$55,321
Earnest money paid−$0
Remaining funds due$55,321
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,190.00
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)$1,068.50
Prepaid interest, first (5 days)$151.00
Prepaid interest, second (5 days)$141.37
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 6 moOf the original 30-year loan at 4.45%
Interest already paid$103,579Through Dec 2026
Assumption only · ends Jun 2048$170,096
Assumption + second · ends Jun 2048, second Jan 2057$381,857
New conventional · ends Jan 2057$550,805