Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$768/mo
Lowest payment- Down payment
- $96,406
- Funds due
- $104,686
- Interest + MI left
- $60,569
- First ends
- Feb 2049
Assumption
Assumption + second
$1,396/mo
+$628/mo- Down payment
- $18,406
- Funds due
- $28,109
- Interest + MI left
- $208,507
- First ends
- Feb 2049
New loan
New conventional
$1,312/mo
+$544/mo- Down payment
- $18,406
- Funds due
- $24,884
- Interest + MI left
- $228,872
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $78,594 | $78,594 | $156,594 |
| Second mortgage | — | $78,000 | — |
| First P&I | $483.64 | $483.64 | $1,060.82 |
| Second P&I | — | $627.61 | — |
| Mortgage insurance | $64.77 | $64.77 | $31.32 |
| Taxes, insurance & HOA | $220.00 | $220.00 | $220.00 |
| Total housing payment | $768.41 | $1,396.02 | $1,312.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,406
Closing costs & prepaids$9,702
Usable credit−$0
Total buyer cash needed$28,109
Earnest money paid−$0
Remaining funds due$28,109
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,750.00
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)$210.00
Prepaid interest, first (9 days)$94.38
Prepaid interest, second (9 days)$173.10
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 closing22 yr 2 moOf the original 30-year loan at 4.87%
Interest already paid$32,614Through Dec 2026
Assumption only · ends Feb 2049$60,569
Assumption + second · ends Feb 2049, second Jan 2057$208,507
New conventional · ends Jan 2057$228,872