Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,028/mo
Lowest payment- Down payment
- $217,706
- Funds due
- $227,680
- Interest + MI left
- $64,952
- First ends
- Mar 2047
Assumption
Assumption + second
$2,385/mo
+$1,357/mo- Down payment
- $32,706
- Funds due
- $44,295
- Interest + MI left
- $368,639
- First ends
- Mar 2047
New loan
New conventional
$2,319/mo
+$1,291/mo- Down payment
- $32,706
- Funds due
- $40,961
- Interest + MI left
- $427,382
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $107,294 | $107,294 | $292,294 |
| Second mortgage | — | $185,000 | — |
| First P&I | $652.33 | $652.33 | $1,980.10 |
| Second P&I | — | $1,357.46 | — |
| Mortgage insurance | $95.28 | $95.28 | $58.46 |
| Taxes, insurance & HOA | $280.00 | $280.00 | $280.00 |
| Total housing payment | $1,027.62 | $2,385.08 | $2,318.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,706
Closing costs & prepaids$11,589
Usable credit−$0
Total buyer cash needed$44,295
Earnest money paid−$0
Remaining funds due$44,295
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,250.00
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)$390.00
Prepaid interest, first (9 days)$109.26
Prepaid interest, second (9 days)$364.93
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 3 moOf the original 30-year loan at 4.13%
Interest already paid$49,099Through Dec 2026
Assumption only · ends Mar 2047$64,952
Assumption + second · ends Mar 2047, second Jan 2057$368,639
New conventional · ends Jan 2057$427,382