Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,199/mo
Lowest payment- Down payment
- $162,701
- Funds due
- $172,427
- Interest + MI left
- $87,496
- First ends
- Mar 2048
Assumption
Assumption + second
$2,168/mo
+$969/mo- Down payment
- $30,701
- Funds due
- $41,937
- Interest + MI left
- $304,181
- First ends
- Mar 2048
New loan
New conventional
$2,148/mo
+$949/mo- Down payment
- $30,701
- Funds due
- $38,656
- Interest + MI left
- $393,706
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $137,299 | $137,299 | $269,299 |
| Second mortgage | — | $132,000 | — |
| First P&I | $811.16 | $811.16 | $1,824.33 |
| Second P&I | — | $968.57 | — |
| Mortgage insurance | $118.20 | $118.20 | $53.86 |
| Taxes, insurance & HOA | $270.00 | $270.00 | $270.00 |
| Total housing payment | $1,199.36 | $2,167.93 | $2,148.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,701
Closing costs & prepaids$11,236
Usable credit−$0
Total buyer cash needed$41,937
Earnest money paid−$0
Remaining funds due$41,937
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,000.00
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)$360.00
Prepaid interest, first (9 days)$140.50
Prepaid interest, second (9 days)$260.38
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 3 moOf the original 30-year loan at 4.15%
Interest already paid$55,600Through Dec 2026
Assumption only · ends Mar 2048$87,496
Assumption + second · ends Mar 2048, second Jan 2057$304,181
New conventional · ends Jan 2057$393,706