Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,505/mo
Lowest payment- Down payment
- $222,085
- Funds due
- $232,955
- Interest + MI left
- $108,597
- First ends
- Dec 2047
Assumption
Assumption + second
$2,841/mo
+$1,335/mo- Down payment
- $40,085
- Funds due
- $52,564
- Interest + MI left
- $407,359
- First ends
- Dec 2047
New loan
New conventional
$2,813/mo
+$1,308/mo- Down payment
- $40,085
- Funds due
- $49,213
- Interest + MI left
- $524,793
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $176,915 | $176,915 | $358,915 |
| Second mortgage | — | $182,000 | — |
| First P&I | $1,041.63 | $1,041.63 | $2,431.42 |
| Second P&I | — | $1,335.45 | — |
| Mortgage insurance | $153.99 | $153.99 | $71.78 |
| Taxes, insurance & HOA | $309.58 | $309.58 | $309.58 |
| Total housing payment | $1,505.20 | $2,840.65 | $2,812.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,085
Closing costs & prepaids$12,479
Usable credit−$0
Total buyer cash needed$52,564
Earnest money paid−$0
Remaining funds due$52,564
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,990.00
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)$478.75
Prepaid interest, first (9 days)$175.80
Prepaid interest, second (9 days)$359.01
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 closing21 yrOf the original 30-year loan at 4.03%
Interest already paid$72,018Through Dec 2026
Assumption only · ends Dec 2047$108,597
Assumption + second · ends Dec 2047, second Jan 2057$407,359
New conventional · ends Jan 2057$524,793