Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,076/mo
Lowest payment- Down payment
- $150,615
- Funds due
- $159,992
- Interest + MI left
- $80,421
- First ends
- May 2048
Assumption
Assumption + second
$1,978/mo
+$903/mo- Down payment
- $27,615
- Funds due
- $38,484
- Interest + MI left
- $282,332
- First ends
- May 2048
New loan
New conventional
$1,948/mo
+$872/mo- Down payment
- $27,615
- Funds due
- $35,216
- Interest + MI left
- $354,212
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $119,285 | $119,285 | $242,285 |
| Second mortgage | — | $123,000 | — |
| First P&I | $716.17 | $716.17 | $1,641.32 |
| Second P&I | — | $902.53 | — |
| Mortgage insurance | $101.54 | $101.54 | $48.46 |
| Taxes, insurance & HOA | $258.00 | $258.00 | $258.00 |
| Total housing payment | $1,075.72 | $1,978.25 | $1,947.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,615
Closing costs & prepaids$10,869
Usable credit−$0
Total buyer cash needed$38,484
Earnest money paid−$0
Remaining funds due$38,484
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,699.00
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)$324.00
Prepaid interest, first (9 days)$128.83
Prepaid interest, second (9 days)$242.63
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 5 moOf the original 30-year loan at 4.38%
Interest already paid$49,696Through Dec 2026
Assumption only · ends May 2048$80,421
Assumption + second · ends May 2048, second Jan 2057$282,332
New conventional · ends Jan 2057$354,212