Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,186/mo
Lowest payment- Down payment
- $252,886
- Funds due
- $263,457
- Interest + MI left
- $71,433
- First ends
- Aug 2047
Assumption
Assumption + second
$2,705/mo
+$1,519/mo- Down payment
- $40,886
- Funds due
- $52,797
- Interest + MI left
- $406,199
- First ends
- Aug 2047
New loan
New conventional
$2,812/mo
+$1,625/mo- Down payment
- $40,886
- Funds due
- $49,369
- Interest + MI left
- $543,032
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $146,114 | $146,114 | $358,114 |
| Second mortgage | — | $212,000 | — |
| First P&I | $802.29 | $802.29 | $2,479.51 |
| Second P&I | — | $1,518.79 | — |
| Mortgage insurance | $123.47 | $123.47 | $71.62 |
| Taxes, insurance & HOA | $260.42 | $260.42 | $260.42 |
| Total housing payment | $1,186.18 | $2,704.98 | $2,811.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,886
Closing costs & prepaids$11,912
Usable credit−$0
Total buyer cash needed$52,797
Earnest money paid−$0
Remaining funds due$52,797
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,990.00
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)$331.25
Prepaid interest, first (2 days)$25.46
Prepaid interest, second (2 days)$90.03
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 9 moOf the original 27-year loan at 3.180%
Interest already paid$31,973Through Nov 2026
Assumption only · ends Aug 2047$71,433
Assumption + second · ends Aug 2047, second Dec 2056$406,199
New conventional · ends Dec 2056$543,032