Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,273/mo
Lowest payment- Down payment
- $209,826
- Funds due
- $220,169
- Interest + MI left
- $87,073
- First ends
- Oct 2047
Assumption
Assumption + second
$2,550/mo
+$1,277/mo- Down payment
- $35,826
- Funds due
- $47,762
- Interest + MI left
- $372,703
- First ends
- Oct 2047
New loan
New conventional
$2,518/mo
+$1,245/mo- Down payment
- $35,826
- Funds due
- $44,434
- Interest + MI left
- $466,685
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $145,174 | $145,174 | $319,174 |
| Second mortgage | — | $174,000 | — |
| First P&I | $853.71 | $853.71 | $2,162.20 |
| Second P&I | — | $1,276.75 | — |
| Mortgage insurance | $127.28 | $127.28 | $63.83 |
| Taxes, insurance & HOA | $292.00 | $292.00 | $292.00 |
| Total housing payment | $1,272.98 | $2,549.73 | $2,518.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,826
Closing costs & prepaids$11,936
Usable credit−$0
Total buyer cash needed$47,762
Earnest money paid−$0
Remaining funds due$47,762
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,550.00
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)$426.00
Prepaid interest, first (9 days)$141.75
Prepaid interest, second (9 days)$343.23
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 10 moOf the original 30-year loan at 3.96%
Interest already paid$59,396Through Dec 2026
Assumption only · ends Oct 2047$87,073
Assumption + second · ends Oct 2047, second Jan 2057$372,703
New conventional · ends Jan 2057$466,685