Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$750/mo
Lowest payment- Down payment
- $100,920
- Funds due
- $109,127
- Interest + MI left
- $56,748
- First ends
- Oct 2048
Assumption
Assumption + second
$1,410/mo
+$660/mo- Down payment
- $18,920
- Funds due
- $28,398
- Interest + MI left
- $212,273
- First ends
- Oct 2048
New loan
New conventional
$1,355/mo
+$605/mo- Down payment
- $18,920
- Funds due
- $25,161
- Interest + MI left
- $244,192
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $79,080 | $79,080 | $161,080 |
| Second mortgage | — | $82,000 | — |
| First P&I | $476.52 | $476.52 | $1,115.29 |
| Second P&I | — | $659.79 | — |
| Mortgage insurance | $66.07 | $66.07 | $32.22 |
| Taxes, insurance & HOA | $207.50 | $207.50 | $207.50 |
| Total housing payment | $750.09 | $1,409.89 | $1,355.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,920
Closing costs & prepaids$9,478
Usable credit−$0
Total buyer cash needed$28,398
Earnest money paid−$0
Remaining funds due$28,398
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,800.00
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)$161.50
Initial HOA (3 months)$11.01
Prepaid interest, first (1 days)$9.90
Prepaid interest, second (1 days)$20.22
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 closing21 yr 11 moOf the original 30-year loan at 4.570%
Interest already paid$32,023Through Nov 2026
Assumption only · ends Oct 2048$56,748
Assumption + second · ends Oct 2048, second Dec 2056$212,273
New conventional · ends Dec 2056$244,192