Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,194/mo
Lowest payment- Down payment
- $198,464
- Funds due
- $208,539
- Interest + MI left
- $68,102
- First ends
- Jun 2047
Assumption
Assumption + second
$2,398/mo
+$1,203/mo- Down payment
- $34,464
- Funds due
- $45,825
- Interest + MI left
- $337,316
- First ends
- Jun 2047
New loan
New conventional
$2,473/mo
+$1,278/mo- Down payment
- $34,464
- Funds due
- $42,445
- Interest + MI left
- $463,305
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $141,536 | $141,536 | $305,536 |
| Second mortgage | — | $164,000 | — |
| First P&I | $780.89 | $780.89 | $2,115.47 |
| Second P&I | — | $1,203.37 | — |
| Mortgage insurance | $117.45 | $117.45 | $61.11 |
| Taxes, insurance & HOA | $296.08 | $296.08 | $296.08 |
| Total housing payment | $1,194.42 | $2,397.80 | $2,472.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,464
Closing costs & prepaids$11,361
Usable credit−$0
Total buyer cash needed$45,825
Earnest money paid−$0
Remaining funds due$45,825
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,400.00
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)$438.25
Prepaid interest, first (1 days)$12.29
Prepaid interest, second (1 days)$35.95
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 7 moOf the original 26-year loan at 3.170%
Interest already paid$26,479Through Nov 2026
Assumption only · ends Jun 2047$68,102
Assumption + second · ends Jun 2047, second Dec 2056$337,316
New conventional · ends Dec 2056$463,305