Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,156/mo
Lowest payment- Down payment
- $179,330
- Funds due
- $188,895
- Interest + MI left
- $102,972
- First ends
- Dec 2048
Assumption
Assumption + second
$2,235/mo
+$1,079/mo- Down payment
- $32,330
- Funds due
- $43,177
- Interest + MI left
- $344,280
- First ends
- Dec 2048
New loan
New conventional
$2,240/mo
+$1,084/mo- Down payment
- $32,330
- Funds due
- $39,812
- Interest + MI left
- $436,213
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $140,670 | $140,670 | $287,670 |
| Second mortgage | — | $147,000 | — |
| First P&I | $848.60 | $848.60 | $1,991.77 |
| Second P&I | — | $1,078.63 | — |
| Mortgage insurance | $116.84 | $116.84 | $57.53 |
| Taxes, insurance & HOA | $190.75 | $190.75 | $190.75 |
| Total housing payment | $1,156.20 | $2,234.83 | $2,240.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,330
Closing costs & prepaids$10,847
Usable credit−$0
Total buyer cash needed$43,177
Earnest money paid−$0
Remaining funds due$43,177
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,200.00
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)$122.25
Prepaid interest, first (1 days)$17.84
Prepaid interest, second (1 days)$32.22
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 closing22 yr 1 moOf the original 30-year loan at 4.630%
Interest already paid$56,330Through Nov 2026
Assumption only · ends Dec 2048$102,972
Assumption + second · ends Dec 2048, second Dec 2056$344,280
New conventional · ends Dec 2056$436,213