Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$882/mo
Lowest payment- Down payment
- $200,494
- Funds due
- $210,312
- Interest + MI left
- $35,753
- First ends
- Jun 2047
Assumption
Assumption + second
$2,159/mo
+$1,277/mo- Down payment
- $26,494
- Funds due
- $37,638
- Interest + MI left
- $321,383
- First ends
- Jun 2047
New loan
New conventional
$2,136/mo
+$1,254/mo- Down payment
- $26,494
- Funds due
- $34,328
- Interest + MI left
- $352,564
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $58,506 | $58,506 | $232,506 |
| Second mortgage | — | $174,000 | — |
| First P&I | $351.09 | $351.09 | $1,609.82 |
| Second P&I | — | $1,276.75 | — |
| Mortgage insurance | $51.47 | $51.47 | $46.50 |
| Taxes, insurance & HOA | $479.83 | $479.83 | $479.83 |
| Total housing payment | $882.39 | $2,159.14 | $2,136.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,494
Closing costs & prepaids$11,144
Usable credit−$0
Total buyer cash needed$37,638
Earnest money paid−$0
Remaining funds due$37,638
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,590.00
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)$989.50
Prepaid interest, first (2 days)$13.14
Prepaid interest, second (2 days)$76.27
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 closing20 yr 7 moOf the original 30-year loan at 4.100%
Interest already paid$25,519Through Nov 2026
Assumption only · ends Jun 2047$35,753
Assumption + second · ends Jun 2047, second Dec 2056$321,383
New conventional · ends Dec 2056$352,564