Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$787/mo
Lowest payment- Down payment
- $112,715
- Funds due
- $121,225
- Interest + MI left
- $56,286
- First ends
- Jun 2049
Assumption
Assumption + second
$1,527/mo
+$740/mo- Down payment
- $20,715
- Funds due
- $30,611
- Interest + MI left
- $230,777
- First ends
- Jun 2049
New loan
New conventional
$1,473/mo
+$686/mo- Down payment
- $20,715
- Funds due
- $27,372
- Interest + MI left
- $260,611
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $86,285 | $86,285 | $178,285 |
| Second mortgage | — | $92,000 | — |
| First P&I | $485.17 | $485.17 | $1,207.76 |
| Second P&I | — | $740.25 | — |
| Mortgage insurance | $71.98 | $71.98 | $35.66 |
| Taxes, insurance & HOA | $229.58 | $229.58 | $229.58 |
| Total housing payment | $786.74 | $1,526.99 | $1,473.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,715
Closing costs & prepaids$9,897
Usable credit−$0
Total buyer cash needed$30,611
Earnest money paid−$0
Remaining funds due$30,611
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,990.00
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)$238.75
Prepaid interest, first (6 days)$56.74
Prepaid interest, second (6 days)$136.11
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 closing22 yr 6 moOf the original 30-year loan at 4%
Interest already paid$28,327Through Dec 2026
Assumption only · ends Jun 2049$56,286
Assumption + second · ends Jun 2049, second Jan 2057$230,777
New conventional · ends Jan 2057$260,611