Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,197/mo
Lowest payment- Down payment
- $206,416
- Funds due
- $216,581
- Interest + MI left
- $80,374
- First ends
- Aug 2047
Assumption
Assumption + second
$2,459/mo
+$1,262/mo- Down payment
- $34,416
- Funds due
- $46,171
- Interest + MI left
- $362,721
- First ends
- Aug 2047
New loan
New conventional
$2,417/mo
+$1,221/mo- Down payment
- $34,416
- Funds due
- $42,846
- Interest + MI left
- $446,814
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $133,584 | $133,584 | $305,584 |
| Second mortgage | — | $172,000 | — |
| First P&I | $793.17 | $793.17 | $2,070.13 |
| Second P&I | — | $1,262.08 | — |
| Mortgage insurance | $117.54 | $117.54 | $61.12 |
| Taxes, insurance & HOA | $286.00 | $286.00 | $286.00 |
| Total housing payment | $1,196.71 | $2,458.78 | $2,417.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,416
Closing costs & prepaids$11,754
Usable credit−$0
Total buyer cash needed$46,171
Earnest money paid−$0
Remaining funds due$46,171
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,400.00
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)$408.00
Prepaid interest, first (9 days)$132.08
Prepaid interest, second (9 days)$339.29
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 8 moOf the original 30-year loan at 4.01%
Interest already paid$56,481Through Dec 2026
Assumption only · ends Aug 2047$80,374
Assumption + second · ends Aug 2047, second Jan 2057$362,721
New conventional · ends Jan 2057$446,814