Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,349/mo
Lowest payment- Down payment
- $202,082
- Funds due
- $212,476
- Interest + MI left
- $85,606
- First ends
- Aug 2047
Assumption
Assumption + second
$2,575/mo
+$1,225/mo- Down payment
- $35,082
- Funds due
- $46,799
- Interest + MI left
- $359,745
- First ends
- Aug 2047
New loan
New conventional
$2,591/mo
+$1,241/mo- Down payment
- $35,082
- Funds due
- $43,420
- Interest + MI left
- $471,466
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $143,918 | $143,918 | $310,918 |
| Second mortgage | — | $167,000 | — |
| First P&I | $846.99 | $846.99 | $2,152.73 |
| Second P&I | — | $1,225.39 | — |
| Mortgage insurance | $126.58 | $126.58 | $62.18 |
| Taxes, insurance & HOA | $375.92 | $375.92 | $375.92 |
| Total housing payment | $1,349.48 | $2,574.87 | $2,590.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,082
Closing costs & prepaids$11,717
Usable credit−$0
Total buyer cash needed$46,799
Earnest money paid−$0
Remaining funds due$46,799
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,460.00
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)$677.75
Prepaid interest, first (2 days)$31.07
Prepaid interest, second (2 days)$73.21
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 9 moOf the original 30-year loan at 3.940%
Interest already paid$59,230Through Nov 2026
Assumption only · ends Aug 2047$85,606
Assumption + second · ends Aug 2047, second Dec 2056$359,745
New conventional · ends Dec 2056$471,466