Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,785/mo
Lowest payment- Down payment
- $180,511
- Funds due
- $191,333
- Interest + MI left
- $154,008
- First ends
- Nov 2048
Assumption
Assumption + second
$2,812/mo
+$1,027/mo- Down payment
- $40,511
- Funds due
- $52,767
- Interest + MI left
- $383,826
- First ends
- Nov 2048
New loan
New conventional
$2,788/mo
+$1,003/mo- Down payment
- $40,511
- Funds due
- $49,386
- Interest + MI left
- $519,713
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $215,489 | $215,489 | $355,489 |
| Second mortgage | — | $140,000 | — |
| First P&I | $1,296.11 | $1,296.11 | $2,408.21 |
| Second P&I | — | $1,027.27 | — |
| Mortgage insurance | $180.14 | $180.14 | $71.10 |
| Taxes, insurance & HOA | $308.42 | $308.42 | $308.42 |
| Total housing payment | $1,784.66 | $2,811.93 | $2,787.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,511
Closing costs & prepaids$12,256
Usable credit−$0
Total buyer cash needed$52,767
Earnest money paid−$0
Remaining funds due$52,767
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,960.00
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)$475.25
Prepaid interest, first (6 days)$161.17
Prepaid interest, second (6 days)$184.11
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 11 moOf the original 30-year loan at 4.55%
Interest already paid$86,903Through Dec 2026
Assumption only · ends Nov 2048$154,008
Assumption + second · ends Nov 2048, second Jan 2057$383,826
New conventional · ends Jan 2057$519,713