Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,143/mo
Lowest payment- Down payment
- $211,798
- Funds due
- $221,912
- Interest + MI left
- $74,524
- First ends
- Oct 2047
Assumption
Assumption + second
$2,442/mo
+$1,299/mo- Down payment
- $34,798
- Funds due
- $46,395
- Interest + MI left
- $365,079
- First ends
- Oct 2047
New loan
New conventional
$2,415/mo
+$1,271/mo- Down payment
- $34,798
- Funds due
- $43,043
- Interest + MI left
- $446,180
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $128,192 | $128,192 | $305,192 |
| Second mortgage | — | $177,000 | — |
| First P&I | $744.36 | $744.36 | $2,067.48 |
| Second P&I | — | $1,298.76 | — |
| Mortgage insurance | $112.88 | $112.88 | $61.04 |
| Taxes, insurance & HOA | $286.00 | $286.00 | $286.00 |
| Total housing payment | $1,143.24 | $2,442.00 | $2,414.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,798
Closing costs & prepaids$11,596
Usable credit−$0
Total buyer cash needed$46,395
Earnest money paid−$0
Remaining funds due$46,395
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,399.90
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)$408.00
Prepaid interest, first (6 days)$80.50
Prepaid interest, second (6 days)$232.77
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 3.82%
Interest already paid$50,712Through Dec 2026
Assumption only · ends Oct 2047$74,524
Assumption + second · ends Oct 2047, second Jan 2057$365,079
New conventional · ends Jan 2057$446,180