Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$956/mo
Lowest payment- Down payment
- $217,424
- Funds due
- $227,098
- Interest + MI left
- $65,382
- First ends
- Mar 2047
Assumption
Assumption + second
$2,306/mo
+$1,350/mo- Down payment
- $33,424
- Funds due
- $44,429
- Interest + MI left
- $367,427
- First ends
- Mar 2047
New loan
New conventional
$2,285/mo
+$1,330/mo- Down payment
- $33,424
- Funds due
- $41,058
- Interest + MI left
- $442,078
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $107,576 | $107,576 | $291,576 |
| Second mortgage | — | $184,000 | — |
| First P&I | $652.33 | $652.33 | $2,018.81 |
| Second P&I | — | $1,350.13 | — |
| Mortgage insurance | $95.28 | $95.28 | $58.32 |
| Taxes, insurance & HOA | $208.25 | $208.25 | $208.25 |
| Total housing payment | $955.87 | $2,305.99 | $2,285.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,424
Closing costs & prepaids$11,005
Usable credit−$0
Total buyer cash needed$44,429
Earnest money paid−$0
Remaining funds due$44,429
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,250.00
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)$174.75
Prepaid interest, first (2 days)$24.34
Prepaid interest, second (2 days)$80.66
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 4 moOf the original 30-year loan at 4.130%
Interest already paid$48,729Through Nov 2026
Assumption only · ends Mar 2047$65,382
Assumption + second · ends Mar 2047, second Dec 2056$367,427
New conventional · ends Dec 2056$442,078