Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,184/mo
Lowest payment- Down payment
- $146,530
- Funds due
- $156,090
- Interest + MI left
- $78,476
- First ends
- Mar 2048
Assumption
Assumption + second
$2,058/mo
+$873/mo- Down payment
- $27,530
- Funds due
- $38,392
- Interest + MI left
- $273,821
- First ends
- Mar 2048
New loan
New conventional
$2,080/mo
+$895/mo- Down payment
- $27,530
- Funds due
- $35,086
- Interest + MI left
- $367,674
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $123,470 | $123,470 | $242,470 |
| Second mortgage | — | $119,000 | — |
| First P&I | $725.70 | $725.70 | $1,678.81 |
| Second P&I | — | $873.18 | — |
| Mortgage insurance | $106.13 | $106.13 | $48.49 |
| Taxes, insurance & HOA | $352.50 | $352.50 | $352.50 |
| Total housing payment | $1,184.32 | $2,057.50 | $2,079.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,530
Closing costs & prepaids$10,863
Usable credit−$0
Total buyer cash needed$38,392
Earnest money paid−$0
Remaining funds due$38,392
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)$607.50
Prepaid interest, first (2 days)$27.87
Prepaid interest, second (2 days)$52.16
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 4 moOf the original 30-year loan at 4.120%
Interest already paid$49,117Through Nov 2026
Assumption only · ends Mar 2048$78,476
Assumption + second · ends Mar 2048, second Dec 2056$273,821
New conventional · ends Dec 2056$367,674