Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,858/mo
Lowest payment- Down payment
- $190,026
- Funds due
- $201,049
- Interest + MI left
- $136,008
- First ends
- Jul 2047
Assumption
Assumption + second
$2,944/mo
+$1,086/mo- Down payment
- $42,026
- Funds due
- $54,494
- Interest + MI left
- $378,958
- First ends
- Jul 2047
New loan
New conventional
$2,917/mo
+$1,059/mo- Down payment
- $42,026
- Funds due
- $51,119
- Interest + MI left
- $545,350
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $224,974 | $224,974 | $372,974 |
| Second mortgage | — | $148,000 | — |
| First P&I | $1,344.06 | $1,344.06 | $2,526.66 |
| Second P&I | — | $1,085.97 | — |
| Mortgage insurance | $198.22 | $198.22 | $74.59 |
| Taxes, insurance & HOA | $316.00 | $316.00 | $316.00 |
| Total housing payment | $1,858.28 | $2,944.25 | $2,917.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,026
Closing costs & prepaids$12,467
Usable credit−$0
Total buyer cash needed$54,494
Earnest money paid−$0
Remaining funds due$54,494
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
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)$498.00
Prepaid interest, first (6 days)$149.78
Prepaid interest, second (6 days)$194.63
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 7 moOf the original 30-year loan at 4.05%
Interest already paid$97,016Through Dec 2026
Assumption only · ends Jul 2047$136,008
Assumption + second · ends Jul 2047, second Jan 2057$378,958
New conventional · ends Jan 2057$545,350