Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,371/mo
Lowest payment- Down payment
- $104,489
- Funds due
- $114,007
- Interest + MI left
- $87,058
- First ends
- Jan 2048
Assumption
Assumption + second
$2,007/mo
+$636/mo- Down payment
- $25,489
- Funds due
- $36,295
- Interest + MI left
- $236,893
- First ends
- Jan 2048
New loan
New conventional
$2,003/mo
+$632/mo- Down payment
- $25,489
- Funds due
- $33,012
- Interest + MI left
- $340,441
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $145,511 | $145,511 | $224,511 |
| Second mortgage | — | $79,000 | — |
| First P&I | $840.84 | $840.84 | $1,554.47 |
| Second P&I | — | $635.65 | — |
| Mortgage insurance | $126.58 | $126.58 | $44.90 |
| Taxes, insurance & HOA | $403.83 | $403.83 | $403.83 |
| Total housing payment | $1,371.25 | $2,006.91 | $2,003.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,489
Closing costs & prepaids$10,806
Usable credit−$0
Total buyer cash needed$36,295
Earnest money paid−$0
Remaining funds due$36,295
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,500.00
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)$761.50
Prepaid interest, first (2 days)$30.94
Prepaid interest, second (2 days)$38.96
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 2 moOf the original 30-year loan at 3.880%
Interest already paid$55,937Through Nov 2026
Assumption only · ends Jan 2048$87,058
Assumption + second · ends Jan 2048, second Dec 2056$236,893
New conventional · ends Dec 2056$340,441