Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,567/mo
Lowest payment- Down payment
- $127,459
- Funds due
- $137,393
- Interest + MI left
- $116,309
- First ends
- Jan 2048
Assumption
Assumption + second
$2,332/mo
+$764/mo- Down payment
- $32,459
- Funds due
- $43,784
- Interest + MI left
- $296,490
- First ends
- Jan 2048
New loan
New conventional
$2,283/mo
+$716/mo- Down payment
- $32,459
- Funds due
- $40,483
- Interest + MI left
- $420,431
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $192,540 | $192,540 | $287,540 |
| Second mortgage | — | $95,000 | — |
| First P&I | $1,121.56 | $1,121.56 | $1,947.90 |
| Second P&I | — | $764.39 | — |
| Mortgage insurance | $167.62 | $167.62 | $57.51 |
| Taxes, insurance & HOA | $278.00 | $278.00 | $278.00 |
| Total housing payment | $1,567.17 | $2,331.56 | $2,283.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,459
Closing costs & prepaids$11,324
Usable credit−$0
Total buyer cash needed$43,784
Earnest money paid−$0
Remaining funds due$43,784
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,199.99
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)$384.00
Prepaid interest, first (6 days)$124.70
Prepaid interest, second (6 days)$140.55
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 1 moOf the original 30-year loan at 3.94%
Interest already paid$75,912Through Dec 2026
Assumption only · ends Jan 2048$116,309
Assumption + second · ends Jan 2048, second Jan 2057$296,490
New conventional · ends Jan 2057$420,431