Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,478/mo
Lowest payment- Down payment
- $35,048
- Funds due
- $44,144
- Interest + MI left
- $105,056
- First ends
- Apr 2049
Assumption
Assumption + second
$1,742/mo
+$265/mo- Down payment
- $9,048
- Funds due
- $19,402
- Interest + MI left
- $174,434
- First ends
- Apr 2049
New loan
New conventional
$1,718/mo
+$241/mo- Down payment
- $9,048
- Funds due
- $16,270
- Interest + MI left
- $260,031
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $144,852 | $144,852 | $170,852 |
| Second mortgage | — | $26,000 | — |
| First P&I | $856.71 | $856.71 | $1,182.94 |
| Second P&I | — | $264.94 | — |
| Mortgage insurance | $119.63 | $119.63 | $34.17 |
| Taxes, insurance & HOA | $501.17 | $501.17 | $501.17 |
| Total housing payment | $1,477.51 | $1,742.45 | $1,718.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$9,048
Closing costs & prepaids$10,354
Usable credit−$0
Total buyer cash needed$19,402
Earnest money paid−$0
Remaining funds due$19,402
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,799.00
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)$1,053.50
Prepaid interest, first (1 days)$17.90
Prepaid interest, second (1 days)$8.46
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 5 moOf the original 30-year loan at 4.510%
Interest already paid$53,929Through Nov 2026
Assumption only · ends Apr 2049$105,056
Assumption + second · ends Apr 2049, second Dec 2056$174,434
New conventional · ends Dec 2056$260,031