Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,091/mo
Lowest payment- Down payment
- $177,688
- Funds due
- $187,237
- Interest + MI left
- $86,397
- First ends
- Jul 2048
Assumption
Assumption + second
$2,170/mo
+$1,079/mo- Down payment
- $30,688
- Funds due
- $41,551
- Interest + MI left
- $327,705
- First ends
- Jul 2048
New loan
New conventional
$2,166/mo
+$1,075/mo- Down payment
- $30,688
- Funds due
- $38,209
- Interest + MI left
- $408,376
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $122,312 | $122,312 | $269,312 |
| Second mortgage | — | $147,000 | — |
| First P&I | $740.63 | $740.63 | $1,864.66 |
| Second P&I | — | $1,078.63 | — |
| Mortgage insurance | $102.93 | $102.93 | $53.86 |
| Taxes, insurance & HOA | $247.75 | $247.75 | $247.75 |
| Total housing payment | $1,091.32 | $2,169.95 | $2,166.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,688
Closing costs & prepaids$10,863
Usable credit−$0
Total buyer cash needed$41,551
Earnest money paid−$0
Remaining funds due$41,551
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,000.00
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)$293.25
Prepaid interest, first (2 days)$30.49
Prepaid interest, second (2 days)$64.44
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 8 moOf the original 30-year loan at 4.550%
Interest already paid$51,056Through Nov 2026
Assumption only · ends Jul 2048$86,397
Assumption + second · ends Jul 2048, second Dec 2056$327,705
New conventional · ends Dec 2056$408,376