Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,181/mo
Lowest payment- Down payment
- $148,300
- Funds due
- $157,932
- Interest + MI left
- $69,339
- First ends
- Oct 2047
Assumption
Assumption + second
$2,069/mo
+$888/mo- Down payment
- $27,300
- Funds due
- $38,208
- Interest + MI left
- $267,967
- First ends
- Oct 2047
New loan
New conventional
$2,091/mo
+$910/mo- Down payment
- $27,300
- Funds due
- $34,894
- Interest + MI left
- $360,393
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $116,700 | $116,700 | $237,700 |
| Second mortgage | — | $121,000 | — |
| First P&I | $680.79 | $680.79 | $1,645.79 |
| Second P&I | — | $887.86 | — |
| Mortgage insurance | $102.24 | $102.24 | $47.54 |
| Taxes, insurance & HOA | $397.92 | $397.92 | $397.92 |
| Total housing payment | $1,180.95 | $2,068.80 | $2,091.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,300
Closing costs & prepaids$10,908
Usable credit−$0
Total buyer cash needed$38,208
Earnest money paid−$0
Remaining funds due$38,208
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,650.00
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)$743.75
Prepaid interest, first (1 days)$12.47
Prepaid interest, second (1 days)$26.52
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 3.900%
Interest already paid$46,569Through Nov 2026
Assumption only · ends Oct 2047$69,339
Assumption + second · ends Oct 2047, second Dec 2056$267,967
New conventional · ends Dec 2056$360,393