Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$832/mo
Lowest payment- Down payment
- $255,952
- Funds due
- $265,778
- Interest + MI left
- $58,106
- First ends
- May 2047
Assumption
Assumption + second
$2,408/mo
+$1,576/mo- Down payment
- $35,952
- Funds due
- $47,075
- Interest + MI left
- $405,504
- First ends
- May 2047
New loan
New conventional
$2,417/mo
+$1,585/mo- Down payment
- $35,952
- Funds due
- $43,671
- Interest + MI left
- $476,149
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $94,048 | $94,048 | $314,048 |
| Second mortgage | — | $220,000 | — |
| First P&I | $569.34 | $569.34 | $2,174.40 |
| Second P&I | — | $1,576.11 | — |
| Mortgage insurance | $82.76 | $82.76 | $62.81 |
| Taxes, insurance & HOA | $180.00 | $180.00 | $180.00 |
| Total housing payment | $832.11 | $2,408.21 | $2,417.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,952
Closing costs & prepaids$11,122
Usable credit−$0
Total buyer cash needed$47,075
Earnest money paid−$0
Remaining funds due$47,075
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)$90.00
Prepaid interest, first (1 days)$10.74
Prepaid interest, second (1 days)$46.71
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 closing20 yr 6 moOf the original 30-year loan at 4.170%
Interest already paid$42,109Through Nov 2026
Assumption only · ends May 2047$58,106
Assumption + second · ends May 2047, second Dec 2056$405,504
New conventional · ends Dec 2056$476,149