Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,116/mo
Lowest payment- Down payment
- $160,395
- Funds due
- $169,895
- Interest + MI left
- $74,841
- First ends
- Jul 2047
Assumption
Assumption + second
$2,078/mo
+$961/mo- Down payment
- $29,395
- Funds due
- $40,317
- Interest + MI left
- $289,885
- First ends
- Jul 2047
New loan
New conventional
$2,047/mo
+$930/mo- Down payment
- $29,395
- Funds due
- $37,020
- Interest + MI left
- $373,635
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $124,605 | $124,605 | $255,605 |
| Second mortgage | — | $131,000 | — |
| First P&I | $742.44 | $742.44 | $1,731.56 |
| Second P&I | — | $961.23 | — |
| Mortgage insurance | $109.89 | $109.89 | $51.12 |
| Taxes, insurance & HOA | $264.00 | $264.00 | $264.00 |
| Total housing payment | $1,116.33 | $2,077.56 | $2,046.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,395
Closing costs & prepaids$10,922
Usable credit−$0
Total buyer cash needed$40,317
Earnest money paid−$0
Remaining funds due$40,317
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,850.00
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)$342.00
Prepaid interest, first (6 days)$82.34
Prepaid interest, second (6 days)$172.27
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 closing20 yr 7 moOf the original 30-year loan at 4.02%
Interest already paid$53,363Through Dec 2026
Assumption only · ends Jul 2047$74,841
Assumption + second · ends Jul 2047, second Jan 2057$289,885
New conventional · ends Jan 2057$373,635