Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,133/mo
Lowest payment- Down payment
- $133,626
- Funds due
- $143,027
- Interest + MI left
- $80,173
- First ends
- May 2049
Assumption
Assumption + second
$1,933/mo
+$800/mo- Down payment
- $24,626
- Funds due
- $35,301
- Interest + MI left
- $259,102
- First ends
- May 2049
New loan
New conventional
$1,957/mo
+$824/mo- Down payment
- $24,626
- Funds due
- $32,012
- Interest + MI left
- $334,060
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $111,274 | $111,274 | $220,274 |
| Second mortgage | — | $109,000 | — |
| First P&I | $653.63 | $653.63 | $1,525.13 |
| Second P&I | — | $799.80 | — |
| Mortgage insurance | $91.81 | $91.81 | $44.05 |
| Taxes, insurance & HOA | $388.00 | $388.00 | $388.00 |
| Total housing payment | $1,133.44 | $1,933.24 | $1,957.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,626
Closing costs & prepaids$10,675
Usable credit−$0
Total buyer cash needed$35,301
Earnest money paid−$0
Remaining funds due$35,301
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,449.00
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)$714.00
Prepaid interest, first (1 days)$13.60
Prepaid interest, second (1 days)$23.89
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 closing22 yr 6 moOf the original 30-year loan at 4.460%
Interest already paid$40,492Through Nov 2026
Assumption only · ends May 2049$80,173
Assumption + second · ends May 2049, second Dec 2056$259,102
New conventional · ends Dec 2056$334,060