Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,426/mo
Lowest payment- Down payment
- $231,562
- Funds due
- $242,505
- Interest + MI left
- $85,606
- First ends
- Oct 2047
Assumption
Assumption + second
$2,850/mo
+$1,424/mo- Down payment
- $37,562
- Funds due
- $49,840
- Interest + MI left
- $404,068
- First ends
- Oct 2047
New loan
New conventional
$2,866/mo
+$1,440/mo- Down payment
- $37,562
- Funds due
- $46,436
- Interest + MI left
- $511,747
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $143,438 | $143,438 | $337,438 |
| Second mortgage | — | $194,000 | — |
| First P&I | $838.30 | $838.30 | $2,336.35 |
| Second P&I | — | $1,423.50 | — |
| Mortgage insurance | $125.59 | $125.59 | $67.49 |
| Taxes, insurance & HOA | $462.50 | $462.50 | $462.50 |
| Total housing payment | $1,426.38 | $2,849.89 | $2,866.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,562
Closing costs & prepaids$12,278
Usable credit−$0
Total buyer cash needed$49,840
Earnest money paid−$0
Remaining funds due$49,840
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$937.50
Prepaid interest, first (2 days)$30.81
Prepaid interest, second (2 days)$85.04
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 11 moOf the original 30-year loan at 3.920%
Interest already paid$57,514Through Nov 2026
Assumption only · ends Oct 2047$85,606
Assumption + second · ends Oct 2047, second Dec 2056$404,068
New conventional · ends Dec 2056$511,747