Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,296/mo
Lowest payment- Down payment
- $146,493
- Funds due
- $156,493
- Interest + MI left
- $77,163
- First ends
- Oct 2048
Assumption
Assumption + second
$2,184/mo
+$888/mo- Down payment
- $25,493
- Funds due
- $36,770
- Interest + MI left
- $275,790
- First ends
- Oct 2048
New loan
New conventional
$2,189/mo
+$893/mo- Down payment
- $25,493
- Funds due
- $33,472
- Interest + MI left
- $347,911
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $108,407 | $108,407 | $229,407 |
| Second mortgage | — | $121,000 | — |
| First P&I | $650.85 | $650.85 | $1,588.37 |
| Second P&I | — | $887.86 | — |
| Mortgage insurance | $90.67 | $90.67 | $45.88 |
| Taxes, insurance & HOA | $554.33 | $554.33 | $554.33 |
| Total housing payment | $1,295.85 | $2,183.70 | $2,188.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,493
Closing costs & prepaids$11,277
Usable credit−$0
Total buyer cash needed$36,770
Earnest money paid−$0
Remaining funds due$36,770
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,549.00
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)$1,213.00
Prepaid interest, first (1 days)$13.45
Prepaid interest, second (1 days)$26.52
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 closing21 yr 11 moOf the original 30-year loan at 4.530%
Interest already paid$43,538Through Nov 2026
Assumption only · ends Oct 2048$77,163
Assumption + second · ends Oct 2048, second Dec 2056$275,790
New conventional · ends Dec 2056$347,911