Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$963/mo
Lowest payment- Down payment
- $115,777
- Funds due
- $124,825
- Interest + MI left
- $51,579
- First ends
- Jul 2048
Assumption
Assumption + second
$1,736/mo
+$772/mo- Down payment
- $19,777
- Funds due
- $30,099
- Interest + MI left
- $233,656
- First ends
- Jul 2048
New loan
New conventional
$1,667/mo
+$704/mo- Down payment
- $19,777
- Funds due
- $26,853
- Interest + MI left
- $258,087
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $74,223 | $74,223 | $170,223 |
| Second mortgage | — | $96,000 | — |
| First P&I | $446.18 | $446.18 | $1,178.59 |
| Second P&I | — | $772.44 | — |
| Mortgage insurance | $62.59 | $62.59 | $34.04 |
| Taxes, insurance & HOA | $454.67 | $454.67 | $454.67 |
| Total housing payment | $963.44 | $1,735.88 | $1,667.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,777
Closing costs & prepaids$10,322
Usable credit−$0
Total buyer cash needed$30,099
Earnest money paid−$0
Remaining funds due$30,099
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,900.00
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)$104.00
Initial HOA (3 months)$810.00
Prepaid interest, first (1 days)$9.09
Prepaid interest, second (1 days)$23.67
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 8 moOf the original 30-year loan at 4.470%
Interest already paid$30,472Through Nov 2026
Assumption only · ends Jul 2048$51,579
Assumption + second · ends Jul 2048, second Dec 2056$233,656
New conventional · ends Dec 2056$258,087