Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,445/mo
Lowest payment- Down payment
- $221,639
- Funds due
- $232,171
- Interest + MI left
- $109,286
- First ends
- Dec 2047
Assumption
Assumption + second
$2,773/mo
+$1,328/mo- Down payment
- $40,639
- Funds due
- $52,460
- Interest + MI left
- $406,407
- First ends
- Dec 2047
New loan
New conventional
$2,802/mo
+$1,357/mo- Down payment
- $40,639
- Funds due
- $49,017
- Interest + MI left
- $543,407
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $177,361 | $177,361 | $358,361 |
| Second mortgage | — | $181,000 | — |
| First P&I | $1,041.63 | $1,041.63 | $2,481.22 |
| Second P&I | — | $1,328.11 | — |
| Mortgage insurance | $153.99 | $153.99 | $71.67 |
| Taxes, insurance & HOA | $248.92 | $248.92 | $248.92 |
| Total housing payment | $1,444.53 | $2,772.65 | $2,801.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,639
Closing costs & prepaids$11,821
Usable credit−$0
Total buyer cash needed$52,460
Earnest money paid−$0
Remaining funds due$52,460
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,990.00
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)$296.75
Prepaid interest, first (1 days)$19.58
Prepaid interest, second (1 days)$39.67
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 1 moOf the original 30-year loan at 4.030%
Interest already paid$71,422Through Nov 2026
Assumption only · ends Dec 2047$109,286
Assumption + second · ends Dec 2047, second Dec 2056$406,407
New conventional · ends Dec 2056$543,407