Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,686/mo
Lowest payment- Down payment
- $189,598
- Funds due
- $200,218
- Interest + MI left
- $146,201
- First ends
- Oct 2048
Assumption
Assumption + second
$2,787/mo
+$1,101/mo- Down payment
- $39,598
- Funds due
- $51,534
- Interest + MI left
- $392,434
- First ends
- Oct 2048
New loan
New conventional
$2,813/mo
+$1,127/mo- Down payment
- $39,598
- Funds due
- $48,115
- Interest + MI left
- $538,991
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $205,402 | $205,402 | $355,402 |
| Second mortgage | — | $150,000 | — |
| First P&I | $1,233.17 | $1,233.17 | $2,460.73 |
| Second P&I | — | $1,100.65 | — |
| Mortgage insurance | $171.79 | $171.79 | $71.08 |
| Taxes, insurance & HOA | $281.25 | $281.25 | $281.25 |
| Total housing payment | $1,686.21 | $2,786.86 | $2,813.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,598
Closing costs & prepaids$11,935
Usable credit−$0
Total buyer cash needed$51,534
Earnest money paid−$0
Remaining funds due$51,534
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,950.00
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)$393.75
Prepaid interest, first (2 days)$50.98
Prepaid interest, second (2 days)$65.75
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 11 moOf the original 30-year loan at 4.530%
Interest already paid$82,493Through Nov 2026
Assumption only · ends Oct 2048$146,201
Assumption + second · ends Oct 2048, second Dec 2056$392,434
New conventional · ends Dec 2056$538,991