Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,359/mo
Lowest payment- Down payment
- $213,407
- Funds due
- $223,700
- Interest + MI left
- $99,920
- First ends
- Sep 2047
Assumption
Assumption + second
$2,643/mo
+$1,284/mo- Down payment
- $38,407
- Funds due
- $49,989
- Interest + MI left
- $387,192
- First ends
- Sep 2047
New loan
New conventional
$2,667/mo
+$1,308/mo- Down payment
- $38,407
- Funds due
- $46,567
- Interest + MI left
- $517,980
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $166,593 | $166,593 | $341,593 |
| Second mortgage | — | $175,000 | — |
| First P&I | $979.66 | $979.66 | $2,365.12 |
| Second P&I | — | $1,284.09 | — |
| Mortgage insurance | $146.06 | $146.06 | $68.32 |
| Taxes, insurance & HOA | $233.33 | $233.33 | $233.33 |
| Total housing payment | $1,359.05 | $2,643.14 | $2,666.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,407
Closing costs & prepaids$11,581
Usable credit−$0
Total buyer cash needed$49,989
Earnest money paid−$0
Remaining funds due$49,989
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,800.00
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)$250.00
Prepaid interest, first (1 days)$18.07
Prepaid interest, second (1 days)$38.36
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 10 moOf the original 30-year loan at 3.960%
Interest already paid$68,160Through Nov 2026
Assumption only · ends Sep 2047$99,920
Assumption + second · ends Sep 2047, second Dec 2056$387,192
New conventional · ends Dec 2056$517,980