Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$883/mo
Lowest payment- Down payment
- $122,448
- Funds due
- $131,268
- Interest + MI left
- $47,853
- First ends
- May 2047
Assumption
Assumption + second
$1,631/mo
+$748/mo- Down payment
- $20,448
- Funds due
- $30,540
- Interest + MI left
- $215,291
- First ends
- May 2047
New loan
New conventional
$1,624/mo
+$741/mo- Down payment
- $20,448
- Funds due
- $27,291
- Interest + MI left
- $272,115
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $77,452 | $77,452 | $179,452 |
| Second mortgage | — | $102,000 | — |
| First P&I | $468.88 | $468.88 | $1,242.49 |
| Second P&I | — | $748.44 | — |
| Mortgage insurance | $68.16 | $68.16 | $35.89 |
| Taxes, insurance & HOA | $345.67 | $345.67 | $345.67 |
| Total housing payment | $882.71 | $1,631.14 | $1,624.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,448
Closing costs & prepaids$10,092
Usable credit−$0
Total buyer cash needed$30,540
Earnest money paid−$0
Remaining funds due$30,540
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,999.00
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)$587.00
Prepaid interest, first (1 days)$8.85
Prepaid interest, second (1 days)$22.36
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 closing20 yr 6 moOf the original 30-year loan at 4.170%
Interest already paid$34,678Through Nov 2026
Assumption only · ends May 2047$47,853
Assumption + second · ends May 2047, second Dec 2056$215,291
New conventional · ends Dec 2056$272,115