Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,007/mo
Lowest payment- Down payment
- $149,804
- Funds due
- $161,161
- Interest + MI left
- $114,886
- First ends
- Aug 2047
Assumption
Assumption + second
$2,851/mo
+$844/mo- Down payment
- $34,804
- Funds due
- $47,461
- Interest + MI left
- $303,664
- First ends
- Aug 2047
New loan
New conventional
$2,888/mo
+$881/mo- Down payment
- $34,804
- Funds due
- $44,095
- Interest + MI left
- $462,789
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $190,196 | $190,196 | $305,196 |
| Second mortgage | — | $115,000 | — |
| First P&I | $1,126.40 | $1,126.40 | $2,113.12 |
| Second P&I | — | $843.83 | — |
| Mortgage insurance | $166.92 | $166.92 | $61.04 |
| Taxes, insurance & HOA | $713.50 | $713.50 | $713.50 |
| Total housing payment | $2,006.82 | $2,850.65 | $2,887.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,804
Closing costs & prepaids$12,658
Usable credit−$0
Total buyer cash needed$47,461
Earnest money paid−$0
Remaining funds due$47,461
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,400.00
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)$1,690.50
Prepaid interest, first (2 days)$41.79
Prepaid interest, second (2 days)$50.41
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 9 moOf the original 30-year loan at 4.010%
Interest already paid$79,574Through Nov 2026
Assumption only · ends Aug 2047$114,886
Assumption + second · ends Aug 2047, second Dec 2056$303,664
New conventional · ends Dec 2056$462,789