Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,194/mo
Lowest payment- Down payment
- $208,464
- Funds due
- $218,651
- Interest + MI left
- $68,102
- First ends
- Jun 2047
Assumption
Assumption + second
$2,464/mo
+$1,269/mo- Down payment
- $35,464
- Funds due
- $46,977
- Interest + MI left
- $352,090
- First ends
- Jun 2047
New loan
New conventional
$2,537/mo
+$1,342/mo- Down payment
- $35,464
- Funds due
- $43,600
- Interest + MI left
- $476,952
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $141,536 | $141,536 | $314,536 |
| Second mortgage | — | $173,000 | — |
| First P&I | $780.89 | $780.89 | $2,177.78 |
| Second P&I | — | $1,269.41 | — |
| Mortgage insurance | $117.45 | $117.45 | $62.91 |
| Taxes, insurance & HOA | $296.08 | $296.08 | $296.08 |
| Total housing payment | $1,194.42 | $2,463.83 | $2,536.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,464
Closing costs & prepaids$11,514
Usable credit−$0
Total buyer cash needed$46,977
Earnest money paid−$0
Remaining funds due$46,977
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)$438.25
Prepaid interest, first (2 days)$24.58
Prepaid interest, second (2 days)$75.84
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 7 moOf the original 26-year loan at 3.170%
Interest already paid$26,479Through Nov 2026
Assumption only · ends Jun 2047$68,102
Assumption + second · ends Jun 2047, second Dec 2056$352,090
New conventional · ends Dec 2056$476,952