Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,133/mo
Lowest payment- Down payment
- $209,940
- Funds due
- $221,916
- Interest + MI left
- $144,917
- First ends
- Feb 2048
Assumption
Assumption + second
$3,337/mo
+$1,203/mo- Down payment
- $45,940
- Funds due
- $59,310
- Interest + MI left
- $414,132
- First ends
- Feb 2048
New loan
New conventional
$3,331/mo
+$1,198/mo- Down payment
- $45,940
- Funds due
- $55,868
- Interest + MI left
- $583,763
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $240,060 | $240,060 | $404,060 |
| Second mortgage | — | $164,000 | — |
| First P&I | $1,392.28 | $1,392.28 | $2,718.14 |
| Second P&I | — | $1,203.37 | — |
| Mortgage insurance | $208.58 | $208.58 | $80.81 |
| Taxes, insurance & HOA | $532.50 | $532.50 | $532.50 |
| Total housing payment | $2,133.36 | $3,336.74 | $3,331.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,940
Closing costs & prepaids$13,369
Usable credit−$0
Total buyer cash needed$59,310
Earnest money paid−$0
Remaining funds due$59,310
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$1,147.50
Prepaid interest, first (4 days)$103.13
Prepaid interest, second (4 days)$143.78
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 yr 2 moOf the original 30-year loan at 3.92%
Interest already paid$93,175Through Dec 2026
Assumption only · ends Feb 2048$144,917
Assumption + second · ends Feb 2048, second Jan 2057$414,132
New conventional · ends Jan 2057$583,763