Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,153/mo
Lowest payment- Down payment
- $206,071
- Funds due
- $215,987
- Interest + MI left
- $80,898
- First ends
- Aug 2047
Assumption
Assumption + second
$2,415/mo
+$1,262/mo- Down payment
- $34,071
- Funds due
- $45,274
- Interest + MI left
- $363,245
- First ends
- Aug 2047
New loan
New conventional
$2,421/mo
+$1,269/mo- Down payment
- $34,071
- Funds due
- $41,894
- Interest + MI left
- $463,962
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $133,929 | $133,929 | $305,929 |
| Second mortgage | — | $172,000 | — |
| First P&I | $793.17 | $793.17 | $2,118.19 |
| Second P&I | — | $1,262.08 | — |
| Mortgage insurance | $117.54 | $117.54 | $61.19 |
| Taxes, insurance & HOA | $242.08 | $242.08 | $242.08 |
| Total housing payment | $1,152.79 | $2,414.87 | $2,421.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,071
Closing costs & prepaids$11,204
Usable credit−$0
Total buyer cash needed$45,274
Earnest money paid−$0
Remaining funds due$45,274
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)$276.25
Prepaid interest, first (1 days)$14.71
Prepaid interest, second (1 days)$37.70
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$56,033Through Nov 2026
Assumption only · ends Aug 2047$80,898
Assumption + second · ends Aug 2047, second Dec 2056$363,245
New conventional · ends Dec 2056$463,962