Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$942/mo
Lowest payment- Down payment
- $219,264
- Funds due
- $228,983
- Interest + MI left
- $60,921
- First ends
- Feb 2047
Assumption
Assumption + second
$2,314/mo
+$1,372/mo- Down payment
- $32,264
- Funds due
- $43,315
- Interest + MI left
- $367,892
- First ends
- Feb 2047
New loan
New conventional
$2,290/mo
+$1,348/mo- Down payment
- $32,264
- Funds due
- $39,954
- Interest + MI left
- $436,219
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $100,636 | $100,636 | $287,636 |
| Second mortgage | — | $187,000 | — |
| First P&I | $611.85 | $611.85 | $1,991.53 |
| Second P&I | — | $1,372.14 | — |
| Mortgage insurance | $89.37 | $89.37 | $57.53 |
| Taxes, insurance & HOA | $240.58 | $240.58 | $240.58 |
| Total housing payment | $941.80 | $2,313.94 | $2,289.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,264
Closing costs & prepaids$11,050
Usable credit−$0
Total buyer cash needed$43,315
Earnest money paid−$0
Remaining funds due$43,315
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,199.00
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)$271.75
Prepaid interest, first (2 days)$22.77
Prepaid interest, second (2 days)$81.97
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 3 moOf the original 30-year loan at 4.130%
Interest already paid$46,052Through Nov 2026
Assumption only · ends Feb 2047$60,921
Assumption + second · ends Feb 2047, second Dec 2056$367,892
New conventional · ends Dec 2056$436,219