Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,505/mo
Lowest payment- Down payment
- $205,790
- Funds due
- $216,546
- Interest + MI left
- $105,117
- First ends
- May 2048
Assumption
Assumption + second
$2,745/mo
+$1,240/mo- Down payment
- $36,790
- Funds due
- $48,870
- Interest + MI left
- $382,539
- First ends
- May 2048
New loan
New conventional
$2,749/mo
+$1,244/mo- Down payment
- $36,790
- Funds due
- $45,472
- Interest + MI left
- $489,347
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $153,710 | $153,710 | $322,710 |
| Second mortgage | — | $169,000 | — |
| First P&I | $924.89 | $924.89 | $2,234.38 |
| Second P&I | — | $1,240.06 | — |
| Mortgage insurance | $130.37 | $130.37 | $64.54 |
| Taxes, insurance & HOA | $449.58 | $449.58 | $449.58 |
| Total housing payment | $1,504.84 | $2,744.90 | $2,748.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,790
Closing costs & prepaids$12,080
Usable credit−$0
Total buyer cash needed$48,870
Earnest money paid−$0
Remaining funds due$48,870
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,595.00
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)$898.75
Prepaid interest, first (2 days)$37.31
Prepaid interest, second (2 days)$74.08
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 6 moOf the original 30-year loan at 4.430%
Interest already paid$64,004Through Nov 2026
Assumption only · ends May 2048$105,117
Assumption + second · ends May 2048, second Dec 2056$382,539
New conventional · ends Dec 2056$489,347