Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,219/mo
Lowest payment- Down payment
- $83,486
- Funds due
- $92,454
- Interest + MI left
- $91,878
- First ends
- Dec 2048
Assumption
Assumption + second
$1,717/mo
+$499/mo- Down payment
- $21,486
- Funds due
- $31,735
- Interest + MI left
- $209,469
- First ends
- Dec 2048
New loan
New conventional
$1,693/mo
+$474/mo- Down payment
- $21,486
- Funds due
- $28,483
- Interest + MI left
- $284,303
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $125,514 | $125,514 | $187,514 |
| Second mortgage | — | $62,000 | — |
| First P&I | $757.17 | $757.17 | $1,298.31 |
| Second P&I | — | $498.87 | — |
| Mortgage insurance | $104.26 | $104.26 | $37.50 |
| Taxes, insurance & HOA | $357.08 | $357.08 | $357.08 |
| Total housing payment | $1,218.51 | $1,717.38 | $1,692.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,486
Closing costs & prepaids$10,249
Usable credit−$0
Total buyer cash needed$31,735
Earnest money paid−$0
Remaining funds due$31,735
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,090.00
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)$621.25
Prepaid interest, first (2 days)$31.84
Prepaid interest, second (2 days)$30.58
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 closing22 yr 1 moOf the original 30-year loan at 4.630%
Interest already paid$50,261Through Nov 2026
Assumption only · ends Dec 2048$91,878
Assumption + second · ends Dec 2048, second Dec 2056$209,469
New conventional · ends Dec 2056$284,303