Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,786/mo
Lowest payment- Down payment
- $173,710
- Funds due
- $186,212
- Interest + MI left
- $235,275
- First ends
- Jun 2048
Assumption
Assumption + second
$3,681/mo
+$895/mo- Down payment
- $51,710
- Funds due
- $65,488
- Interest + MI left
- $435,545
- First ends
- Jun 2048
New loan
New conventional
$3,745/mo
+$959/mo- Down payment
- $51,710
- Funds due
- $61,947
- Interest + MI left
- $702,610
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $341,290 | $341,290 | $463,290 |
| Second mortgage | — | $122,000 | — |
| First P&I | $2,052.57 | $2,052.57 | $3,207.73 |
| Second P&I | — | $895.19 | — |
| Mortgage insurance | $288.63 | $288.63 | $92.66 |
| Taxes, insurance & HOA | $445.08 | $445.08 | $445.08 |
| Total housing payment | $2,786.29 | $3,681.48 | $3,745.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,710
Closing costs & prepaids$13,779
Usable credit−$0
Total buyer cash needed$65,488
Earnest money paid−$0
Remaining funds due$65,488
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,150.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$835.25
Prepaid interest, first (1 days)$41.61
Prepaid interest, second (1 days)$26.74
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 7 moOf the original 30-year loan at 4.450%
Interest already paid$141,117Through Nov 2026
Assumption only · ends Jun 2048$235,275
Assumption + second · ends Jun 2048, second Dec 2056$435,545
New conventional · ends Dec 2056$702,610