Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,940/mo
Lowest payment- Down payment
- $110,887
- Funds due
- $121,212
- Interest + MI left
- $169,244
- First ends
- Aug 2048
Assumption
Assumption + second
$2,544/mo
+$603/mo- Down payment
- $35,887
- Funds due
- $47,572
- Interest + MI left
- $311,493
- First ends
- Aug 2048
New loan
New conventional
$2,481/mo
+$540/mo- Down payment
- $35,887
- Funds due
- $44,244
- Interest + MI left
- $459,222
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $239,113 | $239,113 | $314,113 |
| Second mortgage | — | $75,000 | — |
| First P&I | $1,449.21 | $1,449.21 | $2,127.91 |
| Second P&I | — | $603.47 | — |
| Mortgage insurance | $201.18 | $201.18 | $62.82 |
| Taxes, insurance & HOA | $290.00 | $290.00 | $290.00 |
| Total housing payment | $1,940.39 | $2,543.86 | $2,480.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,887
Closing costs & prepaids$11,685
Usable credit−$0
Total buyer cash needed$47,572
Earnest money paid−$0
Remaining funds due$47,572
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$420.00
Prepaid interest, first (6 days)$179.24
Prepaid interest, second (6 days)$110.96
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 8 moOf the original 30-year loan at 4.56%
Interest already paid$100,018Through Dec 2026
Assumption only · ends Aug 2048$169,244
Assumption + second · ends Aug 2048, second Jan 2057$311,493
New conventional · ends Jan 2057$459,222