Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,774/mo
Lowest payment- Down payment
- $232,358
- Funds due
- $243,826
- Interest + MI left
- $141,499
- First ends
- Apr 2049
Assumption
Assumption + second
$3,161/mo
+$1,387/mo- Down payment
- $43,358
- Funds due
- $56,158
- Interest + MI left
- $451,752
- First ends
- Apr 2049
New loan
New conventional
$3,202/mo
+$1,428/mo- Down payment
- $43,358
- Funds due
- $52,701
- Interest + MI left
- $586,217
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $197,542 | $197,542 | $386,542 |
| Second mortgage | — | $189,000 | — |
| First P&I | $1,161.80 | $1,161.80 | $2,676.34 |
| Second P&I | — | $1,386.82 | — |
| Mortgage insurance | $163.37 | $163.37 | $77.31 |
| Taxes, insurance & HOA | $448.58 | $448.58 | $448.58 |
| Total housing payment | $1,773.75 | $3,160.57 | $3,202.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,358
Closing costs & prepaids$12,801
Usable credit−$0
Total buyer cash needed$56,158
Earnest money paid−$0
Remaining funds due$56,158
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,299.00
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)$895.75
Prepaid interest, first (2 days)$48.17
Prepaid interest, second (2 days)$82.85
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 closing22 yr 5 moOf the original 30-year loan at 4.450%
Interest already paid$72,622Through Nov 2026
Assumption only · ends Apr 2049$141,499
Assumption + second · ends Apr 2049, second Dec 2056$451,752
New conventional · ends Dec 2056$586,217