Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$799/mo
Lowest payment- Down payment
- $129,287
- Funds due
- $137,868
- Interest + MI left
- $56,439
- First ends
- Apr 2048
Assumption
Assumption + second
$1,584/mo
+$785/mo- Down payment
- $22,287
- Funds due
- $32,165
- Interest + MI left
- $232,085
- First ends
- Apr 2048
New loan
New conventional
$1,602/mo
+$803/mo- Down payment
- $22,287
- Funds due
- $28,905
- Interest + MI left
- $299,047
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $90,213 | $90,213 | $197,213 |
| Second mortgage | — | $107,000 | — |
| First P&I | $524.58 | $524.58 | $1,365.46 |
| Second P&I | — | $785.13 | — |
| Mortgage insurance | $77.55 | $77.55 | $39.44 |
| Taxes, insurance & HOA | $197.08 | $197.08 | $197.08 |
| Total housing payment | $799.22 | $1,584.35 | $1,601.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,287
Closing costs & prepaids$9,878
Usable credit−$0
Total buyer cash needed$32,165
Earnest money paid−$0
Remaining funds due$32,165
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,195.00
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)$141.25
Prepaid interest, first (2 days)$19.92
Prepaid interest, second (2 days)$46.90
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 5 moOf the original 30-year loan at 4.030%
Interest already paid$34,762Through Nov 2026
Assumption only · ends Apr 2048$56,439
Assumption + second · ends Apr 2048, second Dec 2056$232,085
New conventional · ends Dec 2056$299,047