Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,143/mo
Lowest payment- Down payment
- $88,081
- Funds due
- $97,116
- Interest + MI left
- $76,869
- First ends
- Jul 2049
Assumption
Assumption + second
$1,690/mo
+$547/mo- Down payment
- $20,081
- Funds due
- $30,400
- Interest + MI left
- $205,841
- First ends
- Jul 2049
New loan
New conventional
$1,693/mo
+$551/mo- Down payment
- $20,081
- Funds due
- $27,163
- Interest + MI left
- $272,859
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $111,919 | $111,919 | $179,919 |
| Second mortgage | — | $68,000 | — |
| First P&I | $638.61 | $638.61 | $1,245.72 |
| Second P&I | — | $547.14 | — |
| Mortgage insurance | $92.50 | $92.50 | $35.98 |
| Taxes, insurance & HOA | $411.58 | $411.58 | $411.58 |
| Total housing payment | $1,142.70 | $1,689.84 | $1,693.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,081
Closing costs & prepaids$10,319
Usable credit−$0
Total buyer cash needed$30,400
Earnest money paid−$0
Remaining funds due$30,400
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,000.00
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)$784.75
Prepaid interest, first (2 days)$25.76
Prepaid interest, second (2 days)$33.53
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 closing22 yr 8 moOf the original 30-year loan at 4.200%
Interest already paid$37,526Through Nov 2026
Assumption only · ends Jul 2049$76,869
Assumption + second · ends Jul 2049, second Dec 2056$205,841
New conventional · ends Dec 2056$272,859