Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,229/mo
Lowest payment- Down payment
- $244,733
- Funds due
- $255,301
- Interest + MI left
- $79,063
- First ends
- Jul 2047
Assumption
Assumption + second
$2,712/mo
+$1,483/mo- Down payment
- $37,733
- Funds due
- $49,639
- Interest + MI left
- $405,933
- First ends
- Jul 2047
New loan
New conventional
$2,741/mo
+$1,512/mo- Down payment
- $37,733
- Funds due
- $46,232
- Interest + MI left
- $511,488
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $130,267 | $130,267 | $337,267 |
| Second mortgage | — | $207,000 | — |
| First P&I | $776.25 | $776.25 | $2,335.17 |
| Second P&I | — | $1,482.97 | — |
| Mortgage insurance | $114.48 | $114.48 | $67.45 |
| Taxes, insurance & HOA | $338.17 | $338.17 | $338.17 |
| Total housing payment | $1,228.89 | $2,711.86 | $2,740.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,733
Closing costs & prepaids$11,906
Usable credit−$0
Total buyer cash needed$49,639
Earnest money paid−$0
Remaining funds due$49,639
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)$564.50
Prepaid interest, first (2 days)$28.91
Prepaid interest, second (2 days)$87.90
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 8 moOf the original 30-year loan at 4.050%
Interest already paid$55,591Through Nov 2026
Assumption only · ends Jul 2047$79,063
Assumption + second · ends Jul 2047, second Dec 2056$405,933
New conventional · ends Dec 2056$511,488