Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$804/mo
Lowest payment- Down payment
- $157,735
- Funds due
- $166,851
- Interest + MI left
- $36,180
- First ends
- Feb 2047
Assumption
Assumption + second
$1,795/mo
+$991/mo- Down payment
- $22,735
- Funds due
- $33,161
- Interest + MI left
- $257,790
- First ends
- Feb 2047
New loan
New conventional
$1,781/mo
+$977/mo- Down payment
- $22,735
- Funds due
- $29,891
- Interest + MI left
- $299,087
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $62,265 | $62,265 | $197,265 |
| Second mortgage | — | $135,000 | — |
| First P&I | $372.30 | $372.30 | $1,365.82 |
| Second P&I | — | $990.58 | — |
| Mortgage insurance | $55.64 | $55.64 | $39.45 |
| Taxes, insurance & HOA | $376.00 | $376.00 | $376.00 |
| Total housing payment | $803.94 | $1,794.52 | $1,781.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,735
Closing costs & prepaids$10,426
Usable credit−$0
Total buyer cash needed$33,161
Earnest money paid−$0
Remaining funds due$33,161
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,200.00
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)$678.00
Prepaid interest, first (2 days)$13.44
Prepaid interest, second (2 days)$59.18
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 3.940%
Interest already paid$27,273Through Nov 2026
Assumption only · ends Feb 2047$36,180
Assumption + second · ends Feb 2047, second Dec 2056$257,790
New conventional · ends Dec 2056$299,087