Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$840/mo
Lowest payment- Down payment
- $129,509
- Funds due
- $138,282
- Interest + MI left
- $56,087
- First ends
- Apr 2048
Assumption
Assumption + second
$1,625/mo
+$785/mo- Down payment
- $22,509
- Funds due
- $32,743
- Interest + MI left
- $231,733
- First ends
- Apr 2048
New loan
New conventional
$1,612/mo
+$772/mo- Down payment
- $22,509
- Funds due
- $29,516
- Interest + MI left
- $287,994
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $89,991 | $89,991 | $196,991 |
| Second mortgage | — | $107,000 | — |
| First P&I | $524.58 | $524.58 | $1,334.49 |
| Second P&I | — | $785.13 | — |
| Mortgage insurance | $77.55 | $77.55 | $39.40 |
| Taxes, insurance & HOA | $237.83 | $237.83 | $237.83 |
| Total housing payment | $839.97 | $1,625.10 | $1,611.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,509
Closing costs & prepaids$10,234
Usable credit−$0
Total buyer cash needed$32,743
Earnest money paid−$0
Remaining funds due$32,743
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,195.00
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)$263.50
Prepaid interest, first (9 days)$89.42
Prepaid interest, second (9 days)$211.07
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 4 moOf the original 30-year loan at 4.03%
Interest already paid$35,065Through Dec 2026
Assumption only · ends Apr 2048$56,087
Assumption + second · ends Apr 2048, second Jan 2057$231,733
New conventional · ends Jan 2057$287,994