Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,144/mo
Lowest payment- Down payment
- $151,892
- Funds due
- $162,986
- Interest + MI left
- $188,762
- First ends
- Sep 2048
Assumption
Assumption + second
$2,951/mo
+$807/mo- Down payment
- $41,892
- Funds due
- $54,381
- Interest + MI left
- $369,333
- First ends
- Sep 2048
New loan
New conventional
$2,933/mo
+$789/mo- Down payment
- $41,892
- Funds due
- $51,011
- Interest + MI left
- $548,470
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $265,108 | $265,108 | $375,108 |
| Second mortgage | — | $110,000 | — |
| First P&I | $1,604.61 | $1,604.61 | $2,541.11 |
| Second P&I | — | $807.14 | — |
| Mortgage insurance | $222.49 | $222.49 | $75.02 |
| Taxes, insurance & HOA | $316.83 | $316.83 | $316.83 |
| Total housing payment | $2,143.94 | $2,951.08 | $2,932.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,892
Closing costs & prepaids$12,489
Usable credit−$0
Total buyer cash needed$54,381
Earnest money paid−$0
Remaining funds due$54,381
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,170.00
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)$500.50
Prepaid interest, first (6 days)$199.16
Prepaid interest, second (6 days)$144.66
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 9 moOf the original 30-year loan at 4.57%
Interest already paid$109,860Through Dec 2026
Assumption only · ends Sep 2048$188,762
Assumption + second · ends Sep 2048, second Jan 2057$369,333
New conventional · ends Jan 2057$548,470