Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,766/mo
Lowest payment- Down payment
- $183,342
- Funds due
- $194,298
- Interest + MI left
- $115,804
- First ends
- Sep 2047
Assumption
Assumption + second
$2,830/mo
+$1,064/mo- Down payment
- $38,342
- Funds due
- $50,611
- Interest + MI left
- $353,829
- First ends
- Sep 2047
New loan
New conventional
$2,877/mo
+$1,111/mo- Down payment
- $38,342
- Funds due
- $47,211
- Interest + MI left
- $516,563
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $195,658 | $195,658 | $340,658 |
| Second mortgage | — | $145,000 | — |
| First P&I | $1,144.37 | $1,144.37 | $2,358.65 |
| Second P&I | — | $1,063.96 | — |
| Mortgage insurance | $171.86 | $171.86 | $68.13 |
| Taxes, insurance & HOA | $449.83 | $449.83 | $449.83 |
| Total housing payment | $1,766.06 | $2,830.02 | $2,876.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,342
Closing costs & prepaids$12,270
Usable credit−$0
Total buyer cash needed$50,611
Earnest money paid−$0
Remaining funds due$50,611
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,790.00
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)$899.50
Prepaid interest, first (2 days)$41.81
Prepaid interest, second (2 days)$63.56
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 10 moOf the original 30-year loan at 3.900%
Interest already paid$78,917Through Nov 2026
Assumption only · ends Sep 2047$115,804
Assumption + second · ends Sep 2047, second Dec 2056$353,829
New conventional · ends Dec 2056$516,563