Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,226/mo
Lowest payment- Down payment
- $229,201
- Funds due
- $239,739
- Interest + MI left
- $70,969
- First ends
- Aug 2047
Assumption
Assumption + second
$2,627/mo
+$1,401/mo- Down payment
- $38,201
- Funds due
- $50,366
- Interest + MI left
- $384,506
- First ends
- Aug 2047
New loan
New conventional
$2,648/mo
+$1,422/mo- Down payment
- $38,201
- Funds due
- $47,039
- Interest + MI left
- $492,242
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $145,699 | $145,699 | $336,699 |
| Second mortgage | — | $191,000 | — |
| First P&I | $802.29 | $802.29 | $2,280.92 |
| Second P&I | — | $1,401.49 | — |
| Mortgage insurance | $123.47 | $123.47 | $67.34 |
| Taxes, insurance & HOA | $300.00 | $300.00 | $300.00 |
| Total housing payment | $1,225.77 | $2,627.26 | $2,648.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,201
Closing costs & prepaids$12,165
Usable credit−$0
Total buyer cash needed$50,366
Earnest money paid−$0
Remaining funds due$50,366
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,749.00
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)$450.00
Prepaid interest, first (9 days)$114.24
Prepaid interest, second (9 days)$376.77
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 27-year loan at 3.18%
Interest already paid$32,360Through Dec 2026
Assumption only · ends Aug 2047$70,969
Assumption + second · ends Aug 2047, second Jan 2057$384,506
New conventional · ends Jan 2057$492,242