Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,188/mo
Lowest payment- Down payment
- $179,412
- Funds due
- $189,540
- Interest + MI left
- $59,901
- First ends
- Jul 2047
Assumption
Assumption + second
$2,296/mo
+$1,108/mo- Down payment
- $28,412
- Funds due
- $39,857
- Interest + MI left
- $307,775
- First ends
- Jul 2047
New loan
New conventional
$2,284/mo
+$1,096/mo- Down payment
- $28,412
- Funds due
- $36,534
- Interest + MI left
- $373,853
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $95,578 | $95,578 | $246,578 |
| Second mortgage | — | $151,000 | — |
| First P&I | $577.19 | $577.19 | $1,707.26 |
| Second P&I | — | $1,107.98 | — |
| Mortgage insurance | $83.60 | $83.60 | $49.32 |
| Taxes, insurance & HOA | $527.08 | $527.08 | $527.08 |
| Total housing payment | $1,187.87 | $2,295.86 | $2,283.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,412
Closing costs & prepaids$11,444
Usable credit−$0
Total buyer cash needed$39,857
Earnest money paid−$0
Remaining funds due$39,857
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,749.90
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)$1,131.25
Prepaid interest, first (2 days)$22.00
Prepaid interest, second (2 days)$66.19
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 8 moOf the original 30-year loan at 4.200%
Interest already paid$42,193Through Nov 2026
Assumption only · ends Jul 2047$59,901
Assumption + second · ends Jul 2047, second Dec 2056$307,775
New conventional · ends Dec 2056$373,853