Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,495/mo
Lowest payment- Down payment
- $114,028
- Funds due
- $123,757
- Interest + MI left
- $109,828
- First ends
- Jun 2048
Assumption
Assumption + second
$2,187/mo
+$692/mo- Down payment
- $28,028
- Funds due
- $39,028
- Interest + MI left
- $272,939
- First ends
- Jun 2048
New loan
New conventional
$2,154/mo
+$659/mo- Down payment
- $28,028
- Funds due
- $35,708
- Interest + MI left
- $374,500
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $160,972 | $160,972 | $246,972 |
| Second mortgage | — | $86,000 | — |
| First P&I | $963.71 | $963.71 | $1,709.98 |
| Second P&I | — | $691.98 | — |
| Mortgage insurance | $136.32 | $136.32 | $49.39 |
| Taxes, insurance & HOA | $394.92 | $394.92 | $394.92 |
| Total housing payment | $1,494.94 | $2,186.92 | $2,154.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,028
Closing costs & prepaids$11,000
Usable credit−$0
Total buyer cash needed$39,028
Earnest money paid−$0
Remaining funds due$39,028
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,750.00
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)$734.75
Prepaid interest, first (1 days)$19.40
Prepaid interest, second (1 days)$21.21
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 7 moOf the original 30-year loan at 4.400%
Interest already paid$65,858Through Nov 2026
Assumption only · ends Jun 2048$109,828
Assumption + second · ends Jun 2048, second Dec 2056$272,939
New conventional · ends Dec 2056$374,500