Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$942/mo
Lowest payment- Down payment
- $256,195
- Funds due
- $266,436
- Interest + MI left
- $57,726
- First ends
- May 2047
Assumption
Assumption + second
$2,525/mo
+$1,583/mo- Down payment
- $35,195
- Funds due
- $47,109
- Interest + MI left
- $406,704
- First ends
- May 2047
New loan
New conventional
$2,486/mo
+$1,543/mo- Down payment
- $35,195
- Funds due
- $43,745
- Interest + MI left
- $460,297
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $93,805 | $93,805 | $314,805 |
| Second mortgage | — | $221,000 | — |
| First P&I | $569.34 | $569.34 | $2,132.60 |
| Second P&I | — | $1,583.27 | — |
| Mortgage insurance | $82.76 | $82.76 | $62.96 |
| Taxes, insurance & HOA | $290.00 | $290.00 | $290.00 |
| Total housing payment | $942.11 | $2,525.38 | $2,485.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,195
Closing costs & prepaids$11,914
Usable credit−$0
Total buyer cash needed$47,109
Earnest money paid−$0
Remaining funds due$47,109
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)$420.00
Prepaid interest, first (9 days)$96.45
Prepaid interest, second (9 days)$422.32
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 5 moOf the original 30-year loan at 4.17%
Interest already paid$42,436Through Dec 2026
Assumption only · ends May 2047$57,726
Assumption + second · ends May 2047, second Jan 2057$406,704
New conventional · ends Jan 2057$460,297