Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$811/mo
Lowest payment- Down payment
- $162,453
- Funds due
- $171,527
- Interest + MI left
- $51,770
- First ends
- Apr 2048
Assumption
Assumption + second
$1,816/mo
+$1,005/mo- Down payment
- $25,453
- Funds due
- $36,047
- Interest + MI left
- $276,663
- First ends
- Apr 2048
New loan
New conventional
$1,794/mo
+$983/mo- Down payment
- $25,453
- Funds due
- $32,782
- Interest + MI left
- $323,894
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $84,547 | $84,547 | $221,547 |
| Second mortgage | — | $137,000 | — |
| First P&I | $489.24 | $489.24 | $1,500.84 |
| Second P&I | — | $1,005.26 | — |
| Mortgage insurance | $73.03 | $73.03 | $44.31 |
| Taxes, insurance & HOA | $248.83 | $248.83 | $248.83 |
| Total housing payment | $811.10 | $1,816.36 | $1,793.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,453
Closing costs & prepaids$10,594
Usable credit−$0
Total buyer cash needed$36,047
Earnest money paid−$0
Remaining funds due$36,047
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,470.00
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)$296.50
Prepaid interest, first (9 days)$82.35
Prepaid interest, second (9 days)$270.25
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 4 moOf the original 30-year loan at 3.95%
Interest already paid$32,330Through Dec 2026
Assumption only · ends Apr 2048$51,770
Assumption + second · ends Apr 2048, second Jan 2057$276,663
New conventional · ends Jan 2057$323,894