Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,032/mo
Lowest payment- Down payment
- $237,956
- Funds due
- $250,206
- Interest + MI left
- $138,914
- First ends
- Apr 2048
Assumption
Assumption + second
$3,434/mo
+$1,401/mo- Down payment
- $46,956
- Funds due
- $60,498
- Interest + MI left
- $452,451
- First ends
- Apr 2048
New loan
New conventional
$3,492/mo
+$1,460/mo- Down payment
- $46,956
- Funds due
- $56,995
- Interest + MI left
- $626,326
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $222,044 | $222,044 | $413,044 |
| Second mortgage | — | $191,000 | — |
| First P&I | $1,291.18 | $1,291.18 | $2,859.83 |
| Second P&I | — | $1,401.49 | — |
| Mortgage insurance | $190.88 | $190.88 | $82.61 |
| Taxes, insurance & HOA | $550.00 | $550.00 | $550.00 |
| Total housing payment | $2,032.05 | $3,433.54 | $3,492.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,956
Closing costs & prepaids$13,541
Usable credit−$0
Total buyer cash needed$60,498
Earnest money paid−$0
Remaining funds due$60,498
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,600.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,150.00
Prepaid interest, first (1 days)$24.52
Prepaid interest, second (1 days)$41.86
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 5 moOf the original 30-year loan at 4.030%
Interest already paid$85,561Through Nov 2026
Assumption only · ends Apr 2048$138,914
Assumption + second · ends Apr 2048, second Dec 2056$452,451
New conventional · ends Dec 2056$626,326