Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,261/mo
Lowest payment- Down payment
- $186,477
- Funds due
- $196,666
- Interest + MI left
- $85,435
- First ends
- Jul 2048
Assumption
Assumption + second
$2,399/mo
+$1,137/mo- Down payment
- $31,477
- Funds due
- $43,086
- Interest + MI left
- $339,876
- First ends
- Jul 2048
New loan
New conventional
$2,355/mo
+$1,094/mo- Down payment
- $31,477
- Funds due
- $39,750
- Interest + MI left
- $407,045
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $123,423 | $123,423 | $278,423 |
| Second mortgage | — | $155,000 | — |
| First P&I | $743.64 | $743.64 | $1,886.13 |
| Second P&I | — | $1,137.34 | — |
| Mortgage insurance | $104.33 | $104.33 | $55.68 |
| Taxes, insurance & HOA | $413.42 | $413.42 | $413.42 |
| Total housing payment | $1,261.38 | $2,398.72 | $2,355.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,477
Closing costs & prepaids$11,610
Usable credit−$0
Total buyer cash needed$43,086
Earnest money paid−$0
Remaining funds due$43,086
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,099.00
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)$790.25
Prepaid interest, first (5 days)$75.58
Prepaid interest, second (5 days)$169.86
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 7 moOf the original 30-year loan at 4.47%
Interest already paid$51,248Through Dec 2026
Assumption only · ends Jul 2048$85,435
Assumption + second · ends Jul 2048, second Jan 2057$339,876
New conventional · ends Jan 2057$407,045