Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,160/mo
Lowest payment- Down payment
- $262,229
- Funds due
- $272,933
- Interest + MI left
- $75,366
- First ends
- Oct 2047
Assumption
Assumption + second
$2,757/mo
+$1,598/mo- Down payment
- $39,229
- Funds due
- $51,609
- Interest + MI left
- $427,502
- First ends
- Oct 2047
New loan
New conventional
$2,745/mo
+$1,585/mo- Down payment
- $39,229
- Funds due
- $48,238
- Interest + MI left
- $511,423
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $126,771 | $126,771 | $349,771 |
| Second mortgage | — | $223,000 | — |
| First P&I | $742.80 | $742.80 | $2,369.47 |
| Second P&I | — | $1,597.60 | — |
| Mortgage insurance | $111.28 | $111.28 | $69.95 |
| Taxes, insurance & HOA | $305.58 | $305.58 | $305.58 |
| Total housing payment | $1,159.67 | $2,757.26 | $2,745.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,229
Closing costs & prepaids$12,380
Usable credit−$0
Total buyer cash needed$51,609
Earnest money paid−$0
Remaining funds due$51,609
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,890.00
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)$466.75
Prepaid interest, first (9 days)$122.53
Prepaid interest, second (9 days)$426.14
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 10 moOf the original 30-year loan at 3.92%
Interest already paid$51,377Through Dec 2026
Assumption only · ends Oct 2047$75,366
Assumption + second · ends Oct 2047, second Jan 2057$427,502
New conventional · ends Jan 2057$511,423