Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,140/mo
Lowest payment- Down payment
- $248,039
- Funds due
- $258,372
- Interest + MI left
- $92,052
- First ends
- Aug 2048
Assumption
Assumption + second
$2,644/mo
+$1,504/mo- Down payment
- $38,039
- Funds due
- $49,711
- Interest + MI left
- $423,660
- First ends
- Aug 2048
New loan
New conventional
$2,659/mo
+$1,519/mo- Down payment
- $38,039
- Funds due
- $46,296
- Interest + MI left
- $510,957
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $126,961 | $126,961 | $336,961 |
| Second mortgage | — | $210,000 | — |
| First P&I | $774.77 | $774.77 | $2,333.05 |
| Second P&I | — | $1,504.47 | — |
| Mortgage insurance | $106.31 | $106.31 | $67.39 |
| Taxes, insurance & HOA | $258.58 | $258.58 | $258.58 |
| Total housing payment | $1,139.66 | $2,644.13 | $2,659.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,039
Closing costs & prepaids$11,672
Usable credit−$0
Total buyer cash needed$49,711
Earnest money paid−$0
Remaining funds due$49,711
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$325.75
Prepaid interest, first (2 days)$32.42
Prepaid interest, second (2 days)$89.18
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 closing21 yr 9 moOf the original 30-year loan at 4.660%
Interest already paid$53,583Through Nov 2026
Assumption only · ends Aug 2048$92,052
Assumption + second · ends Aug 2048, second Dec 2056$423,660
New conventional · ends Dec 2056$510,957