Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,843/mo
Lowest payment- Down payment
- $187,782
- Funds due
- $198,764
- Interest + MI left
- $135,696
- First ends
- Aug 2047
Assumption
Assumption + second
$2,915/mo
+$1,071/mo- Down payment
- $41,782
- Funds due
- $54,206
- Interest + MI left
- $375,363
- First ends
- Aug 2047
New loan
New conventional
$2,892/mo
+$1,049/mo- Down payment
- $41,782
- Funds due
- $50,833
- Interest + MI left
- $540,310
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $223,578 | $223,578 | $369,578 |
| Second mortgage | — | $146,000 | — |
| First P&I | $1,332.27 | $1,332.27 | $2,503.65 |
| Second P&I | — | $1,071.30 | — |
| Mortgage insurance | $196.48 | $196.48 | $73.92 |
| Taxes, insurance & HOA | $314.58 | $314.58 | $314.58 |
| Total housing payment | $1,843.33 | $2,914.63 | $2,892.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,782
Closing costs & prepaids$12,423
Usable credit−$0
Total buyer cash needed$54,206
Earnest money paid−$0
Remaining funds due$54,206
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,113.60
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)$493.75
Prepaid interest, first (6 days)$148.85
Prepaid interest, second (6 days)$192.00
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 8 moOf the original 30-year loan at 4.05%
Interest already paid$95,410Through Dec 2026
Assumption only · ends Aug 2047$135,696
Assumption + second · ends Aug 2047, second Jan 2057$375,363
New conventional · ends Jan 2057$540,310