Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,601/mo
Lowest payment- Down payment
- $150,590
- Funds due
- $160,986
- Interest + MI left
- $103,628
- First ends
- Oct 2047
Assumption
Assumption + second
$2,466/mo
+$866/mo- Down payment
- $32,590
- Funds due
- $44,365
- Interest + MI left
- $297,331
- First ends
- Oct 2047
New loan
New conventional
$2,465/mo
+$864/mo- Down payment
- $32,590
- Funds due
- $41,054
- Interest + MI left
- $427,406
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $174,310 | $174,310 | $292,310 |
| Second mortgage | — | $118,000 | — |
| First P&I | $1,021.35 | $1,021.35 | $1,980.21 |
| Second P&I | — | $865.84 | — |
| Mortgage insurance | $153.01 | $153.01 | $58.46 |
| Taxes, insurance & HOA | $426.17 | $426.17 | $426.17 |
| Total housing payment | $1,600.53 | $2,466.37 | $2,464.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,590
Closing costs & prepaids$11,775
Usable credit−$0
Total buyer cash needed$44,365
Earnest money paid−$0
Remaining funds due$44,365
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,249.00
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)$828.50
Prepaid interest, first (5 days)$93.60
Prepaid interest, second (5 days)$129.32
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 10 moOf the original 30-year loan at 3.92%
Interest already paid$70,644Through Dec 2026
Assumption only · ends Oct 2047$103,628
Assumption + second · ends Oct 2047, second Jan 2057$297,331
New conventional · ends Jan 2057$427,406