Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$734/mo
Lowest payment- Down payment
- $96,242
- Funds due
- $104,333
- Interest + MI left
- $60,930
- First ends
- Feb 2049
Assumption
Assumption + second
$1,361/mo
+$628/mo- Down payment
- $18,242
- Funds due
- $27,602
- Interest + MI left
- $208,868
- First ends
- Feb 2049
New loan
New conventional
$1,302/mo
+$568/mo- Down payment
- $18,242
- Funds due
- $24,372
- Interest + MI left
- $237,640
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $78,758 | $78,758 | $156,758 |
| Second mortgage | — | $78,000 | — |
| First P&I | $483.64 | $483.64 | $1,085.36 |
| Second P&I | — | $627.61 | — |
| Mortgage insurance | $64.77 | $64.77 | $31.35 |
| Taxes, insurance & HOA | $185.17 | $185.17 | $185.17 |
| Total housing payment | $733.58 | $1,361.18 | $1,301.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,242
Closing costs & prepaids$9,360
Usable credit−$0
Total buyer cash needed$27,602
Earnest money paid−$0
Remaining funds due$27,602
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,750.00
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)$105.50
Prepaid interest, first (1 days)$10.51
Prepaid interest, second (1 days)$19.23
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 3 moOf the original 30-year loan at 4.870%
Interest already paid$32,294Through Nov 2026
Assumption only · ends Feb 2049$60,930
Assumption + second · ends Feb 2049, second Dec 2056$208,868
New conventional · ends Dec 2056$237,640