Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,219/mo
Lowest payment- Down payment
- $209,453
- Funds due
- $219,507
- Interest + MI left
- $87,638
- First ends
- Oct 2047
Assumption
Assumption + second
$2,488/mo
+$1,269/mo- Down payment
- $36,453
- Funds due
- $47,795
- Interest + MI left
- $371,626
- First ends
- Oct 2047
New loan
New conventional
$2,507/mo
+$1,288/mo- Down payment
- $36,453
- Funds due
- $44,392
- Interest + MI left
- $482,971
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $145,547 | $145,547 | $318,547 |
| Second mortgage | — | $173,000 | — |
| First P&I | $853.71 | $853.71 | $2,205.56 |
| Second P&I | — | $1,269.41 | — |
| Mortgage insurance | $127.28 | $127.28 | $63.71 |
| Taxes, insurance & HOA | $237.83 | $237.83 | $237.83 |
| Total housing payment | $1,218.82 | $2,488.23 | $2,507.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,453
Closing costs & prepaids$11,342
Usable credit−$0
Total buyer cash needed$47,795
Earnest money paid−$0
Remaining funds due$47,795
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,550.00
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)$263.50
Prepaid interest, first (1 days)$15.79
Prepaid interest, second (1 days)$37.92
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 11 moOf the original 30-year loan at 3.960%
Interest already paid$58,916Through Nov 2026
Assumption only · ends Oct 2047$87,638
Assumption + second · ends Oct 2047, second Dec 2056$371,626
New conventional · ends Dec 2056$482,971