Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,657/mo
Lowest payment- Down payment
- $165,934
- Funds due
- $176,573
- Interest + MI left
- $101,391
- First ends
- Apr 2047
Assumption
Assumption + second
$2,626/mo
+$969/mo- Down payment
- $33,934
- Funds due
- $45,852
- Interest + MI left
- $318,076
- First ends
- Apr 2047
New loan
New conventional
$2,624/mo
+$967/mo- Down payment
- $33,934
- Funds due
- $42,475
- Interest + MI left
- $448,886
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $164,066 | $164,066 | $296,066 |
| Second mortgage | — | $132,000 | — |
| First P&I | $997.54 | $997.54 | $2,049.90 |
| Second P&I | — | $968.57 | — |
| Mortgage insurance | $144.66 | $144.66 | $59.21 |
| Taxes, insurance & HOA | $515.00 | $515.00 | $515.00 |
| Total housing payment | $1,657.20 | $2,625.77 | $2,624.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,934
Closing costs & prepaids$11,918
Usable credit−$0
Total buyer cash needed$45,852
Earnest money paid−$0
Remaining funds due$45,852
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,300.00
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)$1,095.00
Prepaid interest, first (1 days)$18.83
Prepaid interest, second (1 days)$28.93
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 closing20 yr 5 moOf the original 30-year loan at 4.190%
Interest already paid$74,551Through Nov 2026
Assumption only · ends Apr 2047$101,391
Assumption + second · ends Apr 2047, second Dec 2056$318,076
New conventional · ends Dec 2056$448,886