Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,765/mo
Lowest payment- Down payment
- $134,566
- Funds due
- $144,871
- Interest + MI left
- $153,656
- First ends
- Nov 2048
Assumption
Assumption + second
$2,561/mo
+$797/mo- Down payment
- $35,566
- Funds due
- $47,268
- Interest + MI left
- $341,424
- First ends
- Nov 2048
New loan
New conventional
$2,483/mo
+$718/mo- Down payment
- $35,566
- Funds due
- $43,926
- Interest + MI left
- $459,692
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $215,434 | $215,434 | $314,434 |
| Second mortgage | — | $99,000 | — |
| First P&I | $1,294.59 | $1,294.59 | $2,130.09 |
| Second P&I | — | $796.58 | — |
| Mortgage insurance | $180.13 | $180.13 | $62.89 |
| Taxes, insurance & HOA | $290.00 | $290.00 | $290.00 |
| Total housing payment | $1,764.73 | $2,561.30 | $2,482.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,566
Closing costs & prepaids$11,702
Usable credit−$0
Total buyer cash needed$47,268
Earnest money paid−$0
Remaining funds due$47,268
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)$160.78
Prepaid interest, second (6 days)$146.47
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 4.54%
Interest already paid$86,702Through Dec 2026
Assumption only · ends Nov 2048$153,656
Assumption + second · ends Nov 2048, second Jan 2057$341,424
New conventional · ends Jan 2057$459,692