Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$831/mo
Lowest payment- Down payment
- $186,702
- Funds due
- $196,042
- Interest + MI left
- $56,743
- First ends
- May 2048
Assumption
Assumption + second
$1,998/mo
+$1,167/mo- Down payment
- $27,702
- Funds due
- $38,606
- Interest + MI left
- $317,749
- First ends
- May 2048
New loan
New conventional
$1,948/mo
+$1,117/mo- Down payment
- $27,702
- Funds due
- $35,303
- Interest + MI left
- $354,231
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $83,298 | $83,298 | $242,298 |
| Second mortgage | — | $159,000 | — |
| First P&I | $502.38 | $502.38 | $1,641.41 |
| Second P&I | — | $1,166.69 | — |
| Mortgage insurance | $70.81 | $70.81 | $48.46 |
| Taxes, insurance & HOA | $258.00 | $258.00 | $258.00 |
| Total housing payment | $831.19 | $1,997.88 | $1,947.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,702
Closing costs & prepaids$10,904
Usable credit−$0
Total buyer cash needed$38,606
Earnest money paid−$0
Remaining funds due$38,606
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,700.00
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)$324.00
Prepaid interest, first (9 days)$90.99
Prepaid interest, second (9 days)$313.64
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 5 moOf the original 30-year loan at 4.43%
Interest already paid$35,074Through Dec 2026
Assumption only · ends May 2048$56,743
Assumption + second · ends May 2048, second Jan 2057$317,749
New conventional · ends Jan 2057$354,231