Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,464/mo
Lowest payment- Down payment
- $247,002
- Funds due
- $258,382
- Interest + MI left
- $72,112
- First ends
- Mar 2047
Assumption
Assumption + second
$2,968/mo
+$1,504/mo- Down payment
- $37,002
- Funds due
- $49,721
- Interest + MI left
- $403,720
- First ends
- Mar 2047
New loan
New conventional
$2,979/mo
+$1,515/mo- Down payment
- $37,002
- Funds due
- $46,317
- Interest + MI left
- $497,214
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $117,898 | $117,898 | $327,898 |
| Second mortgage | — | $210,000 | — |
| First P&I | $716.80 | $716.80 | $2,270.30 |
| Second P&I | — | $1,504.47 | — |
| Mortgage insurance | $104.33 | $104.33 | $65.58 |
| Taxes, insurance & HOA | $642.83 | $642.83 | $642.83 |
| Total housing payment | $1,463.96 | $2,968.43 | $2,978.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,002
Closing costs & prepaids$12,719
Usable credit−$0
Total buyer cash needed$49,721
Earnest money paid−$0
Remaining funds due$49,721
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,649.00
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)$1,478.50
Prepaid interest, first (2 days)$26.87
Prepaid interest, second (2 days)$89.18
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 4 moOf the original 30-year loan at 4.160%
Interest already paid$53,764Through Nov 2026
Assumption only · ends Mar 2047$72,112
Assumption + second · ends Mar 2047, second Dec 2056$403,720
New conventional · ends Dec 2056$497,214