Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,158/mo
Lowest payment- Down payment
- $272,544
- Funds due
- $283,317
- Interest + MI left
- $74,267
- First ends
- Apr 2047
Assumption
Assumption + second
$2,828/mo
+$1,669/mo- Down payment
- $39,544
- Funds due
- $52,012
- Interest + MI left
- $442,194
- First ends
- Apr 2047
New loan
New conventional
$2,787/mo
+$1,629/mo- Down payment
- $39,544
- Funds due
- $48,627
- Interest + MI left
- $519,735
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $122,456 | $122,456 | $355,456 |
| Second mortgage | — | $233,000 | — |
| First P&I | $741.91 | $741.91 | $2,407.98 |
| Second P&I | — | $1,669.24 | — |
| Mortgage insurance | $108.50 | $108.50 | $71.09 |
| Taxes, insurance & HOA | $308.00 | $308.00 | $308.00 |
| Total housing payment | $1,158.41 | $2,827.65 | $2,787.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,544
Closing costs & prepaids$12,469
Usable credit−$0
Total buyer cash needed$52,012
Earnest money paid−$0
Remaining funds due$52,012
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,950.00
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)$474.00
Prepaid interest, first (9 days)$124.40
Prepaid interest, second (9 days)$445.25
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 4 moOf the original 30-year loan at 4.12%
Interest already paid$55,344Through Dec 2026
Assumption only · ends Apr 2047$74,267
Assumption + second · ends Apr 2047, second Jan 2057$442,194
New conventional · ends Jan 2057$519,735