Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,796/mo
Lowest payment- Down payment
- $232,200
- Funds due
- $243,747
- Interest + MI left
- $122,040
- First ends
- Apr 2048
Assumption
Assumption + second
$3,183/mo
+$1,387/mo- Down payment
- $43,200
- Funds due
- $56,038
- Interest + MI left
- $432,293
- First ends
- Apr 2048
New loan
New conventional
$3,235/mo
+$1,439/mo- Down payment
- $43,200
- Funds due
- $52,572
- Interest + MI left
- $585,092
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $196,800 | $196,800 | $385,800 |
| Second mortgage | — | $189,000 | — |
| First P&I | $1,140.18 | $1,140.18 | $2,671.20 |
| Second P&I | — | $1,386.82 | — |
| Mortgage insurance | $169.37 | $169.37 | $77.16 |
| Taxes, insurance & HOA | $486.92 | $486.92 | $486.92 |
| Total housing payment | $1,796.47 | $3,183.28 | $3,235.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,200
Closing costs & prepaids$12,839
Usable credit−$0
Total buyer cash needed$56,038
Earnest money paid−$0
Remaining funds due$56,038
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,290.00
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)$1,010.75
Prepaid interest, first (1 days)$21.51
Prepaid interest, second (1 days)$41.42
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 closing21 yr 5 moOf the original 30-year loan at 3.990%
Interest already paid$75,127Through Nov 2026
Assumption only · ends Apr 2048$122,040
Assumption + second · ends Apr 2048, second Dec 2056$432,293
New conventional · ends Dec 2056$585,092