Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,391/mo
Lowest payment- Down payment
- $83,036
- Funds due
- $92,185
- Interest + MI left
- $118,599
- First ends
- Nov 2048
Assumption
Assumption + second
$1,858/mo
+$467/mo- Down payment
- $25,036
- Funds due
- $35,521
- Interest + MI left
- $228,605
- First ends
- Nov 2048
New loan
New conventional
$1,819/mo
+$428/mo- Down payment
- $25,036
- Funds due
- $32,276
- Interest + MI left
- $328,935
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $166,964 | $166,964 | $224,964 |
| Second mortgage | — | $58,000 | — |
| First P&I | $1,001.48 | $1,001.48 | $1,523.98 |
| Second P&I | — | $466.68 | — |
| Mortgage insurance | $139.68 | $139.68 | $44.99 |
| Taxes, insurance & HOA | $250.00 | $250.00 | $250.00 |
| Total housing payment | $1,391.16 | $1,857.84 | $1,818.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,036
Closing costs & prepaids$10,485
Usable credit−$0
Total buyer cash needed$35,521
Earnest money paid−$0
Remaining funds due$35,521
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,500.00
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)$300.00
Prepaid interest, first (6 days)$124.06
Prepaid interest, second (6 days)$85.81
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 4.52%
Interest already paid$66,917Through Dec 2026
Assumption only · ends Nov 2048$118,599
Assumption + second · ends Nov 2048, second Jan 2057$228,605
New conventional · ends Jan 2057$328,935