Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,654/mo
Lowest payment- Down payment
- $73,772
- Funds due
- $83,340
- Interest + MI left
- $127,247
- First ends
- Jun 2048
Assumption
Assumption + second
$2,032/mo
+$378/mo- Down payment
- $26,772
- Funds due
- $37,625
- Interest + MI left
- $216,389
- First ends
- Jun 2048
New loan
New conventional
$1,994/mo
+$340/mo- Down payment
- $26,772
- Funds due
- $34,342
- Interest + MI left
- $338,399
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $187,228 | $187,228 | $234,228 |
| Second mortgage | — | $47,000 | — |
| First P&I | $1,123.51 | $1,123.51 | $1,575.67 |
| Second P&I | — | $378.17 | — |
| Mortgage insurance | $158.92 | $158.92 | $46.85 |
| Taxes, insurance & HOA | $371.83 | $371.83 | $371.83 |
| Total housing payment | $1,654.26 | $2,032.43 | $1,994.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,772
Closing costs & prepaids$10,853
Usable credit−$0
Total buyer cash needed$37,625
Earnest money paid−$0
Remaining funds due$37,625
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,610.00
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)$665.50
Prepaid interest, first (3 days)$67.71
Prepaid interest, second (3 days)$34.77
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 3 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 6 moOf the original 30-year loan at 4.4%
Interest already paid$77,466Through Dec 2026
Assumption only · ends Jun 2048$127,247
Assumption + second · ends Jun 2048, second Jan 2057$216,389
New conventional · ends Jan 2057$338,399