Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,300/mo
Lowest payment- Down payment
- $222,156
- Funds due
- $232,434
- Interest + MI left
- $97,188
- First ends
- Oct 2047
Assumption
Assumption + second
$2,643/mo
+$1,343/mo- Down payment
- $39,156
- Funds due
- $50,764
- Interest + MI left
- $397,592
- First ends
- Oct 2047
New loan
New conventional
$2,670/mo
+$1,369/mo- Down payment
- $39,156
- Funds due
- $47,348
- Interest + MI left
- $524,427
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $162,844 | $162,844 | $345,844 |
| Second mortgage | — | $183,000 | — |
| First P&I | $951.71 | $951.71 | $2,394.55 |
| Second P&I | — | $1,342.79 | — |
| Mortgage insurance | $142.58 | $142.58 | $69.17 |
| Taxes, insurance & HOA | $206.08 | $206.08 | $206.08 |
| Total housing payment | $1,300.37 | $2,643.16 | $2,669.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,156
Closing costs & prepaids$11,608
Usable credit−$0
Total buyer cash needed$50,764
Earnest money paid−$0
Remaining funds due$50,764
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,850.00
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)$168.25
Prepaid interest, first (2 days)$34.98
Prepaid interest, second (2 days)$80.22
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 11 moOf the original 30-year loan at 3.920%
Interest already paid$65,295Through Nov 2026
Assumption only · ends Oct 2047$97,188
Assumption + second · ends Oct 2047, second Dec 2056$397,592
New conventional · ends Dec 2056$524,427