Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,428/mo
Lowest payment- Down payment
- $188,807
- Funds due
- $199,170
- Interest + MI left
- $100,381
- First ends
- Jan 2048
Assumption
Assumption + second
$2,544/mo
+$1,115/mo- Down payment
- $36,807
- Funds due
- $48,620
- Interest + MI left
- $349,897
- First ends
- Jan 2048
New loan
New conventional
$2,547/mo
+$1,119/mo- Down payment
- $36,807
- Funds due
- $45,276
- Interest + MI left
- $472,351
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $171,093 | $171,093 | $323,093 |
| Second mortgage | — | $152,000 | — |
| First P&I | $984.86 | $984.86 | $2,188.74 |
| Second P&I | — | $1,115.32 | — |
| Mortgage insurance | $149.53 | $149.53 | $64.62 |
| Taxes, insurance & HOA | $294.00 | $294.00 | $294.00 |
| Total housing payment | $1,428.39 | $2,543.72 | $2,547.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,807
Closing costs & prepaids$11,813
Usable credit−$0
Total buyer cash needed$48,620
Earnest money paid−$0
Remaining funds due$48,620
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,599.00
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)$432.00
Prepaid interest, first (6 days)$107.16
Prepaid interest, second (6 days)$199.89
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 1 moOf the original 30-year loan at 3.81%
Interest already paid$65,368Through Dec 2026
Assumption only · ends Jan 2048$100,381
Assumption + second · ends Jan 2048, second Jan 2057$349,897
New conventional · ends Jan 2057$472,351