Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,574/mo
Lowest payment- Down payment
- $237,878
- Funds due
- $249,246
- Interest + MI left
- $84,624
- First ends
- Sep 2047
Assumption
Assumption + second
$3,013/mo
+$1,438/mo- Down payment
- $41,878
- Funds due
- $54,582
- Interest + MI left
- $406,369
- First ends
- Sep 2047
New loan
New conventional
$3,106/mo
+$1,532/mo- Down payment
- $41,878
- Funds due
- $51,146
- Interest + MI left
- $556,692
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $171,122 | $171,122 | $367,122 |
| Second mortgage | — | $196,000 | — |
| First P&I | $939.57 | $939.57 | $2,541.88 |
| Second P&I | — | $1,438.18 | — |
| Mortgage insurance | $144.10 | $144.10 | $73.42 |
| Taxes, insurance & HOA | $490.83 | $490.83 | $490.83 |
| Total housing payment | $1,574.50 | $3,012.67 | $3,106.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,878
Closing costs & prepaids$12,704
Usable credit−$0
Total buyer cash needed$54,582
Earnest money paid−$0
Remaining funds due$54,582
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,090.00
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)$1,022.50
Prepaid interest, first (2 days)$30.10
Prepaid interest, second (2 days)$85.92
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 10 moOf the original 27-year loan at 3.210%
Interest already paid$37,220Through Nov 2026
Assumption only · ends Sep 2047$84,624
Assumption + second · ends Sep 2047, second Dec 2056$406,369
New conventional · ends Dec 2056$556,692