Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,588/mo
Lowest payment- Down payment
- $206,269
- Funds due
- $216,994
- Interest + MI left
- $119,074
- First ends
- Apr 2048
Assumption
Assumption + second
$2,806/mo
+$1,218/mo- Down payment
- $40,269
- Funds due
- $52,317
- Interest + MI left
- $391,572
- First ends
- Apr 2048
New loan
New conventional
$2,865/mo
+$1,277/mo- Down payment
- $40,269
- Funds due
- $48,895
- Interest + MI left
- $545,556
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $193,731 | $193,731 | $359,731 |
| Second mortgage | — | $166,000 | — |
| First P&I | $1,118.26 | $1,118.26 | $2,490.70 |
| Second P&I | — | $1,218.05 | — |
| Mortgage insurance | $166.92 | $166.92 | $71.95 |
| Taxes, insurance & HOA | $302.50 | $302.50 | $302.50 |
| Total housing payment | $1,587.68 | $2,805.73 | $2,865.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,269
Closing costs & prepaids$12,047
Usable credit−$0
Total buyer cash needed$52,317
Earnest money paid−$0
Remaining funds due$52,317
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$457.50
Prepaid interest, first (2 days)$41.93
Prepaid interest, second (2 days)$72.77
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 closing21 yr 5 moOf the original 30-year loan at 3.950%
Interest already paid$73,259Through Nov 2026
Assumption only · ends Apr 2048$119,074
Assumption + second · ends Apr 2048, second Dec 2056$391,572
New conventional · ends Dec 2056$545,556