Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,640/mo
Lowest payment- Down payment
- $357,371
- Funds due
- $370,200
- Interest + MI left
- $95,670
- First ends
- Jul 2047
Assumption
Assumption + second
$3,825/mo
+$2,185/mo- Down payment
- $52,371
- Funds due
- $66,515
- Interest + MI left
- $577,291
- First ends
- Jul 2047
New loan
New conventional
$3,858/mo
+$2,218/mo- Down payment
- $52,371
- Funds due
- $62,953
- Interest + MI left
- $701,515
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $157,629 | $157,629 | $462,629 |
| Second mortgage | — | $305,000 | — |
| First P&I | $939.29 | $939.29 | $3,203.15 |
| Second P&I | — | $2,185.06 | — |
| Mortgage insurance | $138.52 | $138.52 | $92.53 |
| Taxes, insurance & HOA | $562.33 | $562.33 | $562.33 |
| Total housing payment | $1,640.15 | $3,825.21 | $3,858.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,371
Closing costs & prepaids$14,144
Usable credit−$0
Total buyer cash needed$66,515
Earnest money paid−$0
Remaining funds due$66,515
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,150.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,187.00
Prepaid interest, first (1 days)$17.49
Prepaid interest, second (1 days)$64.76
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 8 moOf the original 30-year loan at 4.050%
Interest already paid$67,267Through Nov 2026
Assumption only · ends Jul 2047$95,670
Assumption + second · ends Jul 2047, second Dec 2056$577,291
New conventional · ends Dec 2056$701,515