Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,301/mo
Lowest payment- Down payment
- $208,124
- Funds due
- $218,489
- Interest + MI left
- $85,586
- First ends
- Feb 2048
Assumption
Assumption + second
$2,570/mo
+$1,269/mo- Down payment
- $35,124
- Funds due
- $46,777
- Interest + MI left
- $369,575
- First ends
- Feb 2048
New loan
New conventional
$2,601/mo
+$1,301/mo- Down payment
- $35,124
- Funds due
- $43,386
- Interest + MI left
- $477,531
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $141,876 | $141,876 | $314,876 |
| Second mortgage | — | $173,000 | — |
| First P&I | $819.26 | $819.26 | $2,180.14 |
| Second P&I | — | $1,269.41 | — |
| Mortgage insurance | $123.03 | $123.03 | $62.98 |
| Taxes, insurance & HOA | $358.25 | $358.25 | $358.25 |
| Total housing payment | $1,300.55 | $2,569.96 | $2,601.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,124
Closing costs & prepaids$11,653
Usable credit−$0
Total buyer cash needed$46,777
Earnest money paid−$0
Remaining funds due$46,777
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$624.75
Prepaid interest, first (1 days)$15.16
Prepaid interest, second (1 days)$37.92
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 3 moOf the original 30-year loan at 3.900%
Interest already paid$54,204Through Nov 2026
Assumption only · ends Feb 2048$85,586
Assumption + second · ends Feb 2048, second Dec 2056$369,575
New conventional · ends Dec 2056$477,531