Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,033/mo
Lowest payment- Down payment
- $111,970
- Funds due
- $120,908
- Interest + MI left
- $65,070
- First ends
- Jan 2048
Assumption
Assumption + second
$1,750/mo
+$716/mo- Down payment
- $22,970
- Funds due
- $33,202
- Interest + MI left
- $233,871
- First ends
- Jan 2048
New loan
New conventional
$1,717/mo
+$684/mo- Down payment
- $22,970
- Funds due
- $29,936
- Interest + MI left
- $298,691
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $108,030 | $108,030 | $197,030 |
| Second mortgage | — | $89,000 | — |
| First P&I | $625.97 | $625.97 | $1,364.20 |
| Second P&I | — | $716.11 | — |
| Mortgage insurance | $93.89 | $93.89 | $39.41 |
| Taxes, insurance & HOA | $313.58 | $313.58 | $313.58 |
| Total housing payment | $1,033.45 | $1,749.56 | $1,717.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,970
Closing costs & prepaids$10,233
Usable credit−$0
Total buyer cash needed$33,202
Earnest money paid−$0
Remaining funds due$33,202
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,200.00
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)$490.75
Prepaid interest, first (2 days)$23.15
Prepaid interest, second (2 days)$43.89
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 3.910%
Interest already paid$41,830Through Nov 2026
Assumption only · ends Jan 2048$65,070
Assumption + second · ends Jan 2048, second Dec 2056$233,871
New conventional · ends Dec 2056$298,691