Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,067/mo
Lowest payment- Down payment
- $248,704
- Funds due
- $259,100
- Interest + MI left
- $62,212
- First ends
- Jun 2047
Assumption
Assumption + second
$2,593/mo
+$1,526/mo- Down payment
- $35,704
- Funds due
- $47,395
- Interest + MI left
- $398,557
- First ends
- Jun 2047
New loan
New conventional
$2,605/mo
+$1,538/mo- Down payment
- $35,704
- Funds due
- $43,994
- Interest + MI left
- $475,072
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $100,296 | $100,296 | $313,296 |
| Second mortgage | — | $213,000 | — |
| First P&I | $605.61 | $605.61 | $2,169.20 |
| Second P&I | — | $1,525.96 | — |
| Mortgage insurance | $88.04 | $88.04 | $62.66 |
| Taxes, insurance & HOA | $372.92 | $372.92 | $372.92 |
| Total housing payment | $1,066.56 | $2,592.52 | $2,604.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,704
Closing costs & prepaids$11,690
Usable credit−$0
Total buyer cash needed$47,395
Earnest money paid−$0
Remaining funds due$47,395
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,490.00
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)$668.75
Prepaid interest, first (1 days)$11.46
Prepaid interest, second (1 days)$45.23
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 closing20 yr 7 moOf the original 30-year loan at 4.170%
Interest already paid$44,443Through Nov 2026
Assumption only · ends Jun 2047$62,212
Assumption + second · ends Jun 2047, second Dec 2056$398,557
New conventional · ends Dec 2056$475,072