Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,115/mo
Lowest payment- Down payment
- $244,580
- Funds due
- $254,867
- Interest + MI left
- $75,154
- First ends
- Aug 2047
Assumption
Assumption + second
$2,598/mo
+$1,483/mo- Down payment
- $37,580
- Funds due
- $49,160
- Interest + MI left
- $402,025
- First ends
- Aug 2047
New loan
New conventional
$2,630/mo
+$1,515/mo- Down payment
- $37,580
- Funds due
- $45,744
- Interest + MI left
- $502,554
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $124,420 | $124,420 | $331,420 |
| Second mortgage | — | $207,000 | — |
| First P&I | $736.85 | $736.85 | $2,294.69 |
| Second P&I | — | $1,482.97 | — |
| Mortgage insurance | $109.19 | $109.19 | $66.28 |
| Taxes, insurance & HOA | $269.25 | $269.25 | $269.25 |
| Total housing payment | $1,115.30 | $2,598.27 | $2,630.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,580
Closing costs & prepaids$11,580
Usable credit−$0
Total buyer cash needed$49,160
Earnest money paid−$0
Remaining funds due$49,160
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,690.00
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)$357.75
Prepaid interest, first (1 days)$13.67
Prepaid interest, second (1 days)$43.95
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 closing20 yr 9 moOf the original 30-year loan at 4.010%
Interest already paid$52,055Through Nov 2026
Assumption only · ends Aug 2047$75,154
Assumption + second · ends Aug 2047, second Dec 2056$402,025
New conventional · ends Dec 2056$502,554