Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,217/mo
Lowest payment- Down payment
- $98,954
- Funds due
- $108,075
- Interest + MI left
- $77,567
- First ends
- May 2047
Assumption
Assumption + second
$1,829/mo
+$612/mo- Down payment
- $22,954
- Funds due
- $33,419
- Interest + MI left
- $221,711
- First ends
- May 2047
New loan
New conventional
$1,750/mo
+$533/mo- Down payment
- $22,954
- Funds due
- $30,172
- Interest + MI left
- $295,384
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $126,046 | $126,046 | $202,046 |
| Second mortgage | — | $76,000 | — |
| First P&I | $765.03 | $765.03 | $1,368.73 |
| Second P&I | — | $611.51 | — |
| Mortgage insurance | $111.21 | $111.21 | $40.41 |
| Taxes, insurance & HOA | $341.25 | $341.25 | $341.25 |
| Total housing payment | $1,217.49 | $1,829.00 | $1,750.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,954
Closing costs & prepaids$10,464
Usable credit−$0
Total buyer cash needed$33,419
Earnest money paid−$0
Remaining funds due$33,419
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,250.00
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)$573.75
Prepaid interest, first (5 days)$72.00
Prepaid interest, second (5 days)$93.70
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 5 moOf the original 30-year loan at 4.17%
Interest already paid$57,021Through Dec 2026
Assumption only · ends May 2047$77,567
Assumption + second · ends May 2047, second Jan 2057$221,711
New conventional · ends Jan 2057$295,384