Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,798/mo
Lowest payment- Down payment
- $211,953
- Funds due
- $223,282
- Interest + MI left
- $114,715
- First ends
- Apr 2047
Assumption
Assumption + second
$3,053/mo
+$1,255/mo- Down payment
- $40,953
- Funds due
- $53,682
- Interest + MI left
- $395,420
- First ends
- Apr 2047
New loan
New conventional
$2,976/mo
+$1,178/mo- Down payment
- $40,953
- Funds due
- $50,267
- Interest + MI left
- $518,586
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $187,947 | $187,947 | $358,947 |
| Second mortgage | — | $171,000 | — |
| First P&I | $1,141.70 | $1,141.70 | $2,414.66 |
| Second P&I | — | $1,254.74 | — |
| Mortgage insurance | $166.36 | $166.36 | $71.79 |
| Taxes, insurance & HOA | $489.92 | $489.92 | $489.92 |
| Total housing payment | $1,797.98 | $3,052.71 | $2,976.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,953
Closing costs & prepaids$12,729
Usable credit−$0
Total buyer cash needed$53,682
Earnest money paid−$0
Remaining funds due$53,682
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.00
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)$1,019.75
Prepaid interest, first (4 days)$85.48
Prepaid interest, second (4 days)$149.92
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 closing20 yr 4 moOf the original 30-year loan at 4.15%
Interest already paid$85,517Through Dec 2026
Assumption only · ends Apr 2047$114,715
Assumption + second · ends Apr 2047, second Jan 2057$395,420
New conventional · ends Jan 2057$518,586