Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,170/mo
Lowest payment- Down payment
- $128,685
- Funds due
- $139,621
- Interest + MI left
- $186,651
- First ends
- Jul 2048
Assumption
Assumption + second
$2,878/mo
+$708/mo- Down payment
- $40,685
- Funds due
- $53,023
- Interest + MI left
- $353,555
- First ends
- Jul 2048
New loan
New conventional
$2,816/mo
+$646/mo- Down payment
- $40,685
- Funds due
- $49,678
- Interest + MI left
- $525,306
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $271,315 | $271,315 | $359,315 |
| Second mortgage | — | $88,000 | — |
| First P&I | $1,630.24 | $1,630.24 | $2,434.12 |
| Second P&I | — | $708.07 | — |
| Mortgage insurance | $229.52 | $229.52 | $71.86 |
| Taxes, insurance & HOA | $310.00 | $310.00 | $310.00 |
| Total housing payment | $2,169.76 | $2,877.82 | $2,815.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,685
Closing costs & prepaids$12,338
Usable credit−$0
Total buyer cash needed$53,023
Earnest money paid−$0
Remaining funds due$53,023
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$480.00
Prepaid interest, first (7 days)$231.03
Prepaid interest, second (7 days)$151.89
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 4.44%
Interest already paid$111,947Through Dec 2026
Assumption only · ends Jul 2048$186,651
Assumption + second · ends Jul 2048, second Jan 2057$353,555
New conventional · ends Jan 2057$525,306