Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,398/mo
Lowest payment- Down payment
- $222,575
- Funds due
- $233,269
- Interest + MI left
- $96,562
- First ends
- Oct 2047
Assumption
Assumption + second
$2,748/mo
+$1,350/mo- Down payment
- $38,575
- Funds due
- $50,882
- Interest + MI left
- $398,608
- First ends
- Oct 2047
New loan
New conventional
$2,720/mo
+$1,322/mo- Down payment
- $38,575
- Funds due
- $47,540
- Interest + MI left
- $506,531
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $162,425 | $162,425 | $346,425 |
| Second mortgage | — | $184,000 | — |
| First P&I | $951.71 | $951.71 | $2,346.80 |
| Second P&I | — | $1,350.13 | — |
| Mortgage insurance | $142.58 | $142.58 | $69.29 |
| Taxes, insurance & HOA | $304.00 | $304.00 | $304.00 |
| Total housing payment | $1,398.29 | $2,748.41 | $2,720.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,575
Closing costs & prepaids$12,307
Usable credit−$0
Total buyer cash needed$50,882
Earnest money paid−$0
Remaining funds due$50,882
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,850.00
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)$462.00
Prepaid interest, first (9 days)$157.00
Prepaid interest, second (9 days)$362.96
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 3.92%
Interest already paid$65,827Through Dec 2026
Assumption only · ends Oct 2047$96,562
Assumption + second · ends Oct 2047, second Jan 2057$398,608
New conventional · ends Jan 2057$506,531