Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$836/mo
Lowest payment- Down payment
- $237,758
- Funds due
- $247,542
- Interest + MI left
- $50,535
- First ends
- May 2047
Assumption
Assumption + second
$2,304/mo
+$1,469/mo- Down payment
- $32,758
- Funds due
- $43,836
- Interest + MI left
- $374,247
- First ends
- May 2047
New loan
New conventional
$2,312/mo
+$1,477/mo- Down payment
- $32,758
- Funds due
- $40,463
- Interest + MI left
- $435,413
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $82,142 | $82,142 | $287,142 |
| Second mortgage | — | $205,000 | — |
| First P&I | $496.39 | $496.39 | $1,988.11 |
| Second P&I | — | $1,468.65 | — |
| Mortgage insurance | $72.33 | $72.33 | $57.43 |
| Taxes, insurance & HOA | $266.83 | $266.83 | $266.83 |
| Total housing payment | $835.55 | $2,304.20 | $2,312.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,758
Closing costs & prepaids$11,077
Usable credit−$0
Total buyer cash needed$43,836
Earnest money paid−$0
Remaining funds due$43,836
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,199.00
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)$350.50
Prepaid interest, first (1 days)$9.34
Prepaid interest, second (1 days)$43.53
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 6 moOf the original 30-year loan at 4.150%
Interest already paid$36,614Through Nov 2026
Assumption only · ends May 2047$50,535
Assumption + second · ends May 2047, second Dec 2056$374,247
New conventional · ends Dec 2056$435,413