Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,472/mo
Lowest payment- Down payment
- $224,762
- Funds due
- $235,750
- Interest + MI left
- $76,631
- First ends
- Dec 2046
Assumption
Assumption + second
$2,844/mo
+$1,372/mo- Down payment
- $37,762
- Funds due
- $50,164
- Interest + MI left
- $383,601
- First ends
- Dec 2046
New loan
New conventional
$2,805/mo
+$1,333/mo- Down payment
- $37,762
- Funds due
- $46,778
- Interest + MI left
- $487,290
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $150,238 | $150,238 | $337,238 |
| Second mortgage | — | $187,000 | — |
| First P&I | $865.16 | $865.16 | $2,268.62 |
| Second P&I | — | $1,372.14 | — |
| Mortgage insurance | $137.84 | $137.84 | $67.45 |
| Taxes, insurance & HOA | $468.75 | $468.75 | $468.75 |
| Total housing payment | $1,471.75 | $2,843.88 | $2,804.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,762
Closing costs & prepaids$12,402
Usable credit−$0
Total buyer cash needed$50,164
Earnest money paid−$0
Remaining funds due$50,164
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)$956.25
Prepaid interest, first (4 days)$56.31
Prepaid interest, second (4 days)$163.95
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 yrOf the original 30-year loan at 3.42%
Interest already paid$59,461Through Dec 2026
Assumption only · ends Dec 2046$76,631
Assumption + second · ends Dec 2046, second Jan 2057$383,601
New conventional · ends Jan 2057$487,290