Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,679/mo
Lowest payment- Down payment
- $211,941
- Funds due
- $223,185
- Interest + MI left
- $99,355
- First ends
- Aug 2047
Assumption
Assumption + second
$2,956/mo
+$1,277/mo- Down payment
- $37,941
- Funds due
- $50,474
- Interest + MI left
- $384,985
- First ends
- Aug 2047
New loan
New conventional
$2,968/mo
+$1,289/mo- Down payment
- $37,941
- Funds due
- $47,056
- Interest + MI left
- $511,105
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $163,059 | $163,059 | $337,059 |
| Second mortgage | — | $174,000 | — |
| First P&I | $969.15 | $969.15 | $2,333.73 |
| Second P&I | — | $1,276.75 | — |
| Mortgage insurance | $142.93 | $142.93 | $67.41 |
| Taxes, insurance & HOA | $567.17 | $567.17 | $567.17 |
| Total housing payment | $1,679.25 | $2,956.00 | $2,968.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,941
Closing costs & prepaids$12,533
Usable credit−$0
Total buyer cash needed$50,474
Earnest money paid−$0
Remaining funds due$50,474
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$1,251.50
Prepaid interest, first (1 days)$18.09
Prepaid interest, second (1 days)$38.14
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 9 moOf the original 30-year loan at 4.050%
Interest already paid$68,855Through Nov 2026
Assumption only · ends Aug 2047$99,355
Assumption + second · ends Aug 2047, second Dec 2056$384,985
New conventional · ends Dec 2056$511,105