Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,123/mo
Lowest payment- Down payment
- $163,184
- Funds due
- $172,601
- Interest + MI left
- $81,242
- First ends
- Nov 2047
Assumption
Assumption + second
$2,099/mo
+$976/mo- Down payment
- $30,184
- Funds due
- $40,880
- Interest + MI left
- $299,568
- First ends
- Nov 2047
New loan
New conventional
$2,131/mo
+$1,008/mo- Down payment
- $30,184
- Funds due
- $37,539
- Interest + MI left
- $409,193
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $136,815 | $136,815 | $269,815 |
| Second mortgage | — | $133,000 | — |
| First P&I | $794.64 | $794.64 | $1,868.14 |
| Second P&I | — | $975.91 | — |
| Mortgage insurance | $119.63 | $119.63 | $53.96 |
| Taxes, insurance & HOA | $209.08 | $209.08 | $209.08 |
| Total housing payment | $1,123.35 | $2,099.25 | $2,131.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,184
Closing costs & prepaids$10,696
Usable credit−$0
Total buyer cash needed$40,880
Earnest money paid−$0
Remaining funds due$40,880
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.99
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)$177.25
Prepaid interest, first (1 days)$14.54
Prepaid interest, second (1 days)$29.15
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 yrOf the original 30-year loan at 3.880%
Interest already paid$53,751Through Nov 2026
Assumption only · ends Nov 2047$81,242
Assumption + second · ends Nov 2047, second Dec 2056$299,568
New conventional · ends Dec 2056$409,193