Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,340/mo
Lowest payment- Down payment
- $145,401
- Funds due
- $155,375
- Interest + MI left
- $64,642
- First ends
- Feb 2047
Assumption
Assumption + second
$2,184/mo
+$844/mo- Down payment
- $30,401
- Funds due
- $41,726
- Interest + MI left
- $253,420
- First ends
- Feb 2047
New loan
New conventional
$2,234/mo
+$893/mo- Down payment
- $30,401
- Funds due
- $38,430
- Interest + MI left
- $382,278
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $149,599 | $149,599 | $264,599 |
| Second mortgage | — | $115,000 | — |
| First P&I | $812.72 | $812.72 | $1,779.97 |
| Second P&I | — | $843.83 | — |
| Mortgage insurance | $126.90 | $126.90 | $52.92 |
| Taxes, insurance & HOA | $400.75 | $400.75 | $400.75 |
| Total housing payment | $1,340.37 | $2,184.20 | $2,233.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,401
Closing costs & prepaids$11,325
Usable credit−$0
Total buyer cash needed$41,726
Earnest money paid−$0
Remaining funds due$41,726
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,950.00
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)$752.25
Prepaid interest, first (4 days)$46.56
Prepaid interest, second (4 days)$100.82
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 2 moOf the original 26-year loan at 2.84%
Interest already paid$27,334Through Dec 2026
Assumption only · ends Feb 2047$64,642
Assumption + second · ends Feb 2047, second Jan 2057$253,420
New conventional · ends Jan 2057$382,278