Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,724/mo
Lowest payment- Down payment
- $118,684
- Funds due
- $128,979
- Interest + MI left
- $137,699
- First ends
- May 2049
Assumption
Assumption + second
$2,424/mo
+$700/mo- Down payment
- $31,684
- Funds due
- $43,336
- Interest + MI left
- $302,707
- First ends
- May 2049
New loan
New conventional
$2,394/mo
+$669/mo- Down payment
- $31,684
- Funds due
- $40,024
- Interest + MI left
- $414,255
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $196,316 | $196,316 | $283,316 |
| Second mortgage | — | $87,000 | — |
| First P&I | $1,143.78 | $1,143.78 | $1,919.28 |
| Second P&I | — | $700.02 | — |
| Mortgage insurance | $162.75 | $162.75 | $56.66 |
| Taxes, insurance & HOA | $417.75 | $417.75 | $417.75 |
| Total housing payment | $1,724.27 | $2,424.30 | $2,393.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,684
Closing costs & prepaids$11,652
Usable credit−$0
Total buyer cash needed$43,336
Earnest money paid−$0
Remaining funds due$43,336
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,150.00
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)$803.25
Prepaid interest, first (5 days)$116.98
Prepaid interest, second (5 days)$107.26
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 closing22 yr 5 moOf the original 30-year loan at 4.35%
Interest already paid$70,639Through Dec 2026
Assumption only · ends May 2049$137,699
Assumption + second · ends May 2049, second Jan 2057$302,707
New conventional · ends Jan 2057$414,255