Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$928/mo
Lowest payment- Down payment
- $112,487
- Funds due
- $121,053
- Interest + MI left
- $73,980
- First ends
- May 2048
Assumption
Assumption + second
$1,652/mo
+$724/mo- Down payment
- $22,487
- Funds due
- $32,347
- Interest + MI left
- $244,678
- First ends
- May 2048
New loan
New conventional
$1,595/mo
+$667/mo- Down payment
- $22,487
- Funds due
- $29,082
- Interest + MI left
- $299,502
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $107,513 | $107,513 | $197,513 |
| Second mortgage | — | $90,000 | — |
| First P&I | $648.68 | $648.68 | $1,367.54 |
| Second P&I | — | $724.16 | — |
| Mortgage insurance | $91.11 | $91.11 | $39.50 |
| Taxes, insurance & HOA | $188.17 | $188.17 | $188.17 |
| Total housing payment | $927.96 | $1,652.12 | $1,595.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,487
Closing costs & prepaids$9,860
Usable credit−$0
Total buyer cash needed$32,347
Earnest money paid−$0
Remaining funds due$32,347
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,200.00
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)$114.50
Prepaid interest, first (2 days)$26.27
Prepaid interest, second (2 days)$44.38
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 6 moOf the original 30-year loan at 4.460%
Interest already paid$45,051Through Nov 2026
Assumption only · ends May 2048$73,980
Assumption + second · ends May 2048, second Dec 2056$244,678
New conventional · ends Dec 2056$299,502