Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$610/mo
Lowest payment- Down payment
- $154,055
- Funds due
- $162,599
- Interest + MI left
- $36,327
- First ends
- Jul 2047
Assumption
Assumption + second
$1,586/mo
+$976/mo- Down payment
- $21,055
- Funds due
- $30,907
- Interest + MI left
- $254,654
- First ends
- Jul 2047
New loan
New conventional
$1,565/mo
+$954/mo- Down payment
- $21,055
- Funds due
- $27,652
- Interest + MI left
- $286,548
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $55,945 | $55,945 | $188,945 |
| Second mortgage | — | $133,000 | — |
| First P&I | $342.97 | $342.97 | $1,308.22 |
| Second P&I | — | $975.91 | — |
| Mortgage insurance | $48.69 | $48.69 | $37.79 |
| Taxes, insurance & HOA | $218.67 | $218.67 | $218.67 |
| Total housing payment | $610.32 | $1,586.22 | $1,564.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,055
Closing costs & prepaids$9,853
Usable credit−$0
Total buyer cash needed$30,907
Earnest money paid−$0
Remaining funds due$30,907
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,100.00
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)$206.00
Prepaid interest, first (2 days)$13.40
Prepaid interest, second (2 days)$58.30
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 closing20 yr 8 moOf the original 30-year loan at 4.370%
Interest already paid$25,626Through Nov 2026
Assumption only · ends Jul 2047$36,327
Assumption + second · ends Jul 2047, second Dec 2056$254,654
New conventional · ends Dec 2056$286,548