Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,431/mo
Lowest payment- Down payment
- $105,455
- Funds due
- $114,927
- Interest + MI left
- $103,247
- First ends
- Nov 2047
Assumption
Assumption + second
$2,051/mo
+$620/mo- Down payment
- $28,455
- Funds due
- $39,291
- Interest + MI left
- $249,288
- First ends
- Nov 2047
New loan
New conventional
$2,016/mo
+$585/mo- Down payment
- $28,455
- Funds due
- $36,028
- Interest + MI left
- $367,750
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $174,545 | $174,545 | $251,545 |
| Second mortgage | — | $77,000 | — |
| First P&I | $1,016.40 | $1,016.40 | $1,704.05 |
| Second P&I | — | $619.56 | — |
| Mortgage insurance | $153.01 | $153.01 | $50.31 |
| Taxes, insurance & HOA | $262.00 | $262.00 | $262.00 |
| Total housing payment | $1,431.41 | $2,050.97 | $2,016.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,455
Closing costs & prepaids$10,836
Usable credit−$0
Total buyer cash needed$39,291
Earnest money paid−$0
Remaining funds due$39,291
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,800.00
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)$336.00
Prepaid interest, first (6 days)$111.33
Prepaid interest, second (6 days)$113.92
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 closing20 yr 11 moOf the original 30-year loan at 3.88%
Interest already paid$69,318Through Dec 2026
Assumption only · ends Nov 2047$103,247
Assumption + second · ends Nov 2047, second Jan 2057$249,288
New conventional · ends Jan 2057$367,750