Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,541/mo
Lowest payment- Down payment
- $152,061
- Funds due
- $164,033
- Interest + MI left
- $218,325
- First ends
- Jun 2048
Assumption
Assumption + second
$3,311/mo
+$770/mo- Down payment
- $47,061
- Funds due
- $60,421
- Interest + MI left
- $390,688
- First ends
- Jun 2048
New loan
New conventional
$3,304/mo
+$764/mo- Down payment
- $47,061
- Funds due
- $57,029
- Interest + MI left
- $618,407
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $317,939 | $317,939 | $422,939 |
| Second mortgage | — | $105,000 | — |
| First P&I | $1,916.55 | $1,916.55 | $2,865.14 |
| Second P&I | — | $770.45 | — |
| Mortgage insurance | $269.51 | $269.51 | $84.59 |
| Taxes, insurance & HOA | $354.67 | $354.67 | $354.67 |
| Total housing payment | $2,540.72 | $3,311.18 | $3,304.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,061
Closing costs & prepaids$13,360
Usable credit−$0
Total buyer cash needed$60,421
Earnest money paid−$0
Remaining funds due$60,421
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,700.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$564.00
Prepaid interest, first (6 days)$232.57
Prepaid interest, second (6 days)$138.08
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 6 moOf the original 30-year loan at 4.45%
Interest already paid$132,947Through Dec 2026
Assumption only · ends Jun 2048$218,325
Assumption + second · ends Jun 2048, second Jan 2057$390,688
New conventional · ends Jan 2057$618,407