Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,831/mo
Lowest payment- Down payment
- $269,548
- Funds due
- $281,568
- Interest + MI left
- $142,702
- First ends
- Jul 2048
Assumption
Assumption + second
$3,422/mo
+$1,590/mo- Down payment
- $47,548
- Funds due
- $60,865
- Interest + MI left
- $493,259
- First ends
- Jul 2048
New loan
New conventional
$3,468/mo
+$1,637/mo- Down payment
- $47,548
- Funds due
- $57,354
- Interest + MI left
- $648,108
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $205,352 | $205,352 | $427,352 |
| Second mortgage | — | $222,000 | — |
| First P&I | $1,234.44 | $1,234.44 | $2,958.90 |
| Second P&I | — | $1,590.44 | — |
| Mortgage insurance | $173.18 | $173.18 | $85.47 |
| Taxes, insurance & HOA | $423.67 | $423.67 | $423.67 |
| Total housing payment | $1,831.28 | $3,421.72 | $3,468.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,548
Closing costs & prepaids$13,317
Usable credit−$0
Total buyer cash needed$60,865
Earnest money paid−$0
Remaining funds due$60,865
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,749.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$771.00
Prepaid interest, first (1 days)$25.15
Prepaid interest, second (1 days)$47.14
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 8 moOf the original 30-year loan at 4.470%
Interest already paid$84,306Through Nov 2026
Assumption only · ends Jul 2048$142,702
Assumption + second · ends Jul 2048, second Dec 2056$493,259
New conventional · ends Dec 2056$648,108