Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,171/mo
Lowest payment- Down payment
- $313,152
- Funds due
- $324,513
- Interest + MI left
- $68,348
- First ends
- Apr 2048
Assumption
Assumption + second
$3,112/mo
+$1,941/mo- Down payment
- $42,152
- Funds due
- $54,878
- Interest + MI left
- $496,280
- First ends
- Apr 2048
New loan
New conventional
$3,138/mo
+$1,967/mo- Down payment
- $42,152
- Funds due
- $51,420
- Interest + MI left
- $569,999
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $104,848 | $104,848 | $375,848 |
| Second mortgage | — | $271,000 | — |
| First P&I | $620.40 | $620.40 | $2,602.30 |
| Second P&I | — | $1,941.48 | — |
| Mortgage insurance | $89.65 | $89.65 | $75.17 |
| Taxes, insurance & HOA | $460.75 | $460.75 | $460.75 |
| Total housing payment | $1,170.80 | $3,112.27 | $3,138.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,152
Closing costs & prepaids$12,727
Usable credit−$0
Total buyer cash needed$54,878
Earnest money paid−$0
Remaining funds due$54,878
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,180.00
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)$932.25
Prepaid interest, first (2 days)$24.24
Prepaid interest, second (2 days)$115.08
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 4.220%
Interest already paid$42,185Through Nov 2026
Assumption only · ends Apr 2048$68,348
Assumption + second · ends Apr 2048, second Dec 2056$496,280
New conventional · ends Dec 2056$569,999