Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$758/mo
Lowest payment- Down payment
- $196,508
- Funds due
- $205,648
- Interest + MI left
- $57,097
- First ends
- May 2048
Assumption
Assumption + second
$1,991/mo
+$1,233/mo- Down payment
- $28,508
- Funds due
- $38,935
- Interest + MI left
- $332,878
- First ends
- May 2048
New loan
New conventional
$1,976/mo
+$1,218/mo- Down payment
- $28,508
- Funds due
- $35,603
- Interest + MI left
- $381,354
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $83,492 | $83,492 | $251,492 |
| Second mortgage | — | $168,000 | — |
| First P&I | $502.38 | $502.38 | $1,741.28 |
| Second P&I | — | $1,232.72 | — |
| Mortgage insurance | $70.81 | $70.81 | $50.30 |
| Taxes, insurance & HOA | $184.83 | $184.83 | $184.83 |
| Total housing payment | $758.02 | $1,990.75 | $1,976.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,508
Closing costs & prepaids$10,426
Usable credit−$0
Total buyer cash needed$38,935
Earnest money paid−$0
Remaining funds due$38,935
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,800.00
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)$104.50
Prepaid interest, first (1 days)$10.13
Prepaid interest, second (1 days)$36.82
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 6 moOf the original 30-year loan at 4.430%
Interest already paid$34,765Through Nov 2026
Assumption only · ends May 2048$57,097
Assumption + second · ends May 2048, second Dec 2056$332,878
New conventional · ends Dec 2056$381,354