Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,740/mo
Lowest payment- Down payment
- $160,473
- Funds due
- $171,207
- Interest + MI left
- $111,293
- First ends
- Oct 2047
Assumption
Assumption + second
$2,658/mo
+$917/mo- Down payment
- $35,473
- Funds due
- $47,484
- Interest + MI left
- $316,487
- First ends
- Oct 2047
New loan
New conventional
$2,701/mo
+$960/mo- Down payment
- $35,473
- Funds due
- $44,095
- Interest + MI left
- $469,143
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $184,427 | $184,427 | $309,427 |
| Second mortgage | — | $125,000 | — |
| First P&I | $1,082.73 | $1,082.73 | $2,142.41 |
| Second P&I | — | $917.21 | — |
| Mortgage insurance | $161.23 | $161.23 | $61.89 |
| Taxes, insurance & HOA | $496.50 | $496.50 | $496.50 |
| Total housing payment | $1,740.46 | $2,657.66 | $2,700.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,473
Closing costs & prepaids$12,011
Usable credit−$0
Total buyer cash needed$47,484
Earnest money paid−$0
Remaining funds due$47,484
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,449.00
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)$1,039.50
Prepaid interest, first (1 days)$20.06
Prepaid interest, second (1 days)$27.40
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 11 moOf the original 30-year loan at 3.970%
Interest already paid$74,830Through Nov 2026
Assumption only · ends Oct 2047$111,293
Assumption + second · ends Oct 2047, second Dec 2056$316,487
New conventional · ends Dec 2056$469,143