Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,479/mo
Lowest payment- Down payment
- $145,398
- Funds due
- $155,475
- Interest + MI left
- $95,078
- First ends
- May 2047
Assumption
Assumption + second
$2,323/mo
+$844/mo- Down payment
- $30,398
- Funds due
- $41,851
- Interest + MI left
- $283,857
- First ends
- May 2047
New loan
New conventional
$2,285/mo
+$806/mo- Down payment
- $30,398
- Funds due
- $38,548
- Interest + MI left
- $394,056
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $154,502 | $154,502 | $269,502 |
| Second mortgage | — | $115,000 | — |
| First P&I | $937.74 | $937.74 | $1,825.70 |
| Second P&I | — | $843.83 | — |
| Mortgage insurance | $136.32 | $136.32 | $53.90 |
| Taxes, insurance & HOA | $404.92 | $404.92 | $404.92 |
| Total housing payment | $1,478.97 | $2,322.80 | $2,284.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,398
Closing costs & prepaids$11,453
Usable credit−$0
Total buyer cash needed$41,851
Earnest money paid−$0
Remaining funds due$41,851
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.00
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)$764.75
Prepaid interest, first (5 days)$88.26
Prepaid interest, second (5 days)$126.03
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$69,894Through Dec 2026
Assumption only · ends May 2047$95,078
Assumption + second · ends May 2047, second Jan 2057$283,857
New conventional · ends Jan 2057$394,056