Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,680/mo
Lowest payment- Down payment
- $130,969
- Funds due
- $141,257
- Interest + MI left
- $124,520
- First ends
- May 2048
Assumption
Assumption + second
$2,477/mo
+$797/mo- Down payment
- $31,969
- Funds due
- $43,629
- Interest + MI left
- $312,288
- First ends
- May 2048
New loan
New conventional
$2,391/mo
+$710/mo- Down payment
- $31,969
- Funds due
- $40,305
- Interest + MI left
- $413,635
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $183,931 | $183,931 | $282,931 |
| Second mortgage | — | $99,000 | — |
| First P&I | $1,106.30 | $1,106.30 | $1,916.67 |
| Second P&I | — | $796.58 | — |
| Mortgage insurance | $156.49 | $156.49 | $56.59 |
| Taxes, insurance & HOA | $417.67 | $417.67 | $417.67 |
| Total housing payment | $1,680.46 | $2,477.03 | $2,390.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,969
Closing costs & prepaids$11,660
Usable credit−$0
Total buyer cash needed$43,629
Earnest money paid−$0
Remaining funds due$43,629
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,149.00
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)$803.00
Prepaid interest, first (5 days)$110.86
Prepaid interest, second (5 days)$122.05
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 5 moOf the original 30-year loan at 4.4%
Interest already paid$76,956Through Dec 2026
Assumption only · ends May 2048$124,520
Assumption + second · ends May 2048, second Jan 2057$312,288
New conventional · ends Jan 2057$413,635