Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,127/mo
Lowest payment- Down payment
- $155,556
- Funds due
- $166,682
- Interest + MI left
- $188,227
- First ends
- Nov 2048
Assumption
Assumption + second
$2,956/mo
+$829/mo- Down payment
- $42,556
- Funds due
- $55,080
- Interest + MI left
- $373,722
- First ends
- Nov 2048
New loan
New conventional
$2,950/mo
+$824/mo- Down payment
- $42,556
- Funds due
- $51,705
- Interest + MI left
- $551,886
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $264,444 | $264,444 | $377,444 |
| Second mortgage | — | $113,000 | — |
| First P&I | $1,587.64 | $1,587.64 | $2,556.94 |
| Second P&I | — | $829.15 | — |
| Mortgage insurance | $221.17 | $221.17 | $75.49 |
| Taxes, insurance & HOA | $318.00 | $318.00 | $318.00 |
| Total housing payment | $2,126.81 | $2,955.97 | $2,950.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,556
Closing costs & prepaids$12,525
Usable credit−$0
Total buyer cash needed$55,080
Earnest money paid−$0
Remaining funds due$55,080
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,200.00
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)$504.00
Prepaid interest, first (6 days)$196.92
Prepaid interest, second (6 days)$148.60
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 4.53%
Interest already paid$106,206Through Dec 2026
Assumption only · ends Nov 2048$188,227
Assumption + second · ends Nov 2048, second Jan 2057$373,722
New conventional · ends Jan 2057$551,886