Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,426/mo
Lowest payment- Down payment
- $250,615
- Funds due
- $261,608
- Interest + MI left
- $98,881
- First ends
- Jun 2047
Assumption
Assumption + second
$2,923/mo
+$1,497/mo- Down payment
- $41,615
- Funds due
- $54,258
- Interest + MI left
- $428,910
- First ends
- Jun 2047
New loan
New conventional
$2,891/mo
+$1,465/mo- Down payment
- $41,615
- Funds due
- $50,881
- Interest + MI left
- $540,102
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $160,385 | $160,385 | $369,385 |
| Second mortgage | — | $209,000 | — |
| First P&I | $970.08 | $970.08 | $2,502.34 |
| Second P&I | — | $1,497.30 | — |
| Mortgage insurance | $141.19 | $141.19 | $73.88 |
| Taxes, insurance & HOA | $314.42 | $314.42 | $314.42 |
| Total housing payment | $1,425.68 | $2,922.98 | $2,890.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,615
Closing costs & prepaids$12,642
Usable credit−$0
Total buyer cash needed$54,258
Earnest money paid−$0
Remaining funds due$54,258
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,110.00
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)$493.25
Prepaid interest, first (9 days)$164.52
Prepaid interest, second (9 days)$399.39
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 6 moOf the original 30-year loan at 4.16%
Interest already paid$71,650Through Dec 2026
Assumption only · ends Jun 2047$98,881
Assumption + second · ends Jun 2047, second Jan 2057$428,910
New conventional · ends Jan 2057$540,102