Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,544/mo
Lowest payment- Down payment
- $206,802
- Funds due
- $217,607
- Interest + MI left
- $101,990
- First ends
- Jan 2048
Assumption
Assumption + second
$2,784/mo
+$1,240/mo- Down payment
- $37,802
- Funds due
- $49,894
- Interest + MI left
- $379,412
- First ends
- Jan 2048
New loan
New conventional
$2,823/mo
+$1,279/mo- Down payment
- $37,802
- Funds due
- $46,479
- Interest + MI left
- $511,383
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $168,198 | $168,198 | $337,198 |
| Second mortgage | — | $169,000 | — |
| First P&I | $977.29 | $977.29 | $2,334.69 |
| Second P&I | — | $1,240.06 | — |
| Mortgage insurance | $146.06 | $146.06 | $67.44 |
| Taxes, insurance & HOA | $420.58 | $420.58 | $420.58 |
| Total housing payment | $1,543.93 | $2,783.99 | $2,822.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,802
Closing costs & prepaids$12,092
Usable credit−$0
Total buyer cash needed$49,894
Earnest money paid−$0
Remaining funds due$49,894
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$811.75
Prepaid interest, first (1 days)$18.16
Prepaid interest, second (1 days)$37.04
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 2 moOf the original 30-year loan at 3.940%
Interest already paid$65,595Through Nov 2026
Assumption only · ends Jan 2048$101,990
Assumption + second · ends Jan 2048, second Dec 2056$379,412
New conventional · ends Dec 2056$511,383