Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,184/mo
Lowest payment- Down payment
- $183,902
- Funds due
- $193,797
- Interest + MI left
- $81,732
- First ends
- Feb 2048
Assumption
Assumption + second
$2,292/mo
+$1,108/mo- Down payment
- $32,902
- Funds due
- $44,246
- Interest + MI left
- $329,606
- First ends
- Feb 2048
New loan
New conventional
$2,280/mo
+$1,096/mo- Down payment
- $32,902
- Funds due
- $40,920
- Interest + MI left
- $419,581
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $135,998 | $135,998 | $286,998 |
| Second mortgage | — | $151,000 | — |
| First P&I | $787.31 | $787.31 | $1,944.22 |
| Second P&I | — | $1,107.98 | — |
| Mortgage insurance | $118.23 | $118.23 | $57.40 |
| Taxes, insurance & HOA | $278.00 | $278.00 | $278.00 |
| Total housing payment | $1,183.54 | $2,291.53 | $2,279.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,902
Closing costs & prepaids$11,344
Usable credit−$0
Total buyer cash needed$44,246
Earnest money paid−$0
Remaining funds due$44,246
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,199.00
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)$384.00
Prepaid interest, first (6 days)$87.19
Prepaid interest, second (6 days)$198.58
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 2 moOf the original 30-year loan at 3.9%
Interest already paid$52,533Through Dec 2026
Assumption only · ends Feb 2048$81,732
Assumption + second · ends Feb 2048, second Jan 2057$329,606
New conventional · ends Jan 2057$419,581