Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$772/mo
Lowest payment- Down payment
- $165,143
- Funds due
- $174,056
- Interest + MI left
- $52,095
- First ends
- Apr 2048
Assumption
Assumption + second
$1,799/mo
+$1,027/mo- Down payment
- $25,143
- Funds due
- $35,337
- Interest + MI left
- $281,912
- First ends
- Apr 2048
New loan
New conventional
$1,811/mo
+$1,039/mo- Down payment
- $25,143
- Funds due
- $32,041
- Interest + MI left
- $340,859
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $84,757 | $84,757 | $224,757 |
| Second mortgage | — | $140,000 | — |
| First P&I | $489.24 | $489.24 | $1,556.17 |
| Second P&I | — | $1,027.27 | — |
| Mortgage insurance | $73.03 | $73.03 | $44.95 |
| Taxes, insurance & HOA | $209.92 | $209.92 | $209.92 |
| Total housing payment | $772.18 | $1,799.45 | $1,811.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,143
Closing costs & prepaids$10,194
Usable credit−$0
Total buyer cash needed$35,337
Earnest money paid−$0
Remaining funds due$35,337
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,499.00
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)$179.75
Prepaid interest, first (1 days)$9.17
Prepaid interest, second (1 days)$30.68
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 5 moOf the original 30-year loan at 3.950%
Interest already paid$32,051Through Nov 2026
Assumption only · ends Apr 2048$52,095
Assumption + second · ends Apr 2048, second Dec 2056$281,912
New conventional · ends Dec 2056$340,859