Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,292/mo
Lowest payment- Down payment
- $185,080
- Funds due
- $197,522
- Interest + MI left
- $133,035
- First ends
- Jun 2048
Assumption
Assumption + second
$3,356/mo
+$1,064/mo- Down payment
- $40,080
- Funds due
- $53,835
- Interest + MI left
- $371,060
- First ends
- Jun 2048
New loan
New conventional
$3,437/mo
+$1,145/mo- Down payment
- $40,080
- Funds due
- $50,420
- Interest + MI left
- $545,691
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $214,820 | $214,820 | $359,820 |
| Second mortgage | — | $145,000 | — |
| First P&I | $1,233.90 | $1,233.90 | $2,491.32 |
| Second P&I | — | $1,063.96 | — |
| Mortgage insurance | $184.18 | $184.18 | $71.96 |
| Taxes, insurance & HOA | $873.67 | $873.67 | $873.67 |
| Total housing payment | $2,291.75 | $3,355.71 | $3,436.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,080
Closing costs & prepaids$13,755
Usable credit−$0
Total buyer cash needed$53,835
Earnest money paid−$0
Remaining funds due$53,835
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.00
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)$2,171.00
Prepaid interest, first (2 days)$46.50
Prepaid interest, second (2 days)$63.56
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 closing21 yr 7 moOf the original 30-year loan at 3.950%
Interest already paid$79,422Through Nov 2026
Assumption only · ends Jun 2048$133,035
Assumption + second · ends Jun 2048, second Dec 2056$371,060
New conventional · ends Dec 2056$545,691