Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,014/mo
Lowest payment- Down payment
- $160,335
- Funds due
- $169,528
- Interest + MI left
- $80,924
- First ends
- May 2048
Assumption
Assumption + second
$1,983/mo
+$969/mo- Down payment
- $28,335
- Funds due
- $38,835
- Interest + MI left
- $297,608
- First ends
- May 2048
New loan
New conventional
$1,989/mo
+$974/mo- Down payment
- $28,335
- Funds due
- $35,517
- Interest + MI left
- $381,465
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $119,565 | $119,565 | $251,565 |
| Second mortgage | — | $132,000 | — |
| First P&I | $716.17 | $716.17 | $1,741.79 |
| Second P&I | — | $968.57 | — |
| Mortgage insurance | $101.54 | $101.54 | $50.31 |
| Taxes, insurance & HOA | $196.58 | $196.58 | $196.58 |
| Total housing payment | $1,014.30 | $1,982.87 | $1,988.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,335
Closing costs & prepaids$10,500
Usable credit−$0
Total buyer cash needed$38,835
Earnest money paid−$0
Remaining funds due$38,835
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,799.00
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)$139.75
Prepaid interest, first (2 days)$28.70
Prepaid interest, second (2 days)$57.86
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 4.380%
Interest already paid$49,260Through Nov 2026
Assumption only · ends May 2048$80,924
Assumption + second · ends May 2048, second Dec 2056$297,608
New conventional · ends Dec 2056$381,465