Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,683/mo
Lowest payment- Down payment
- $202,752
- Funds due
- $213,592
- Interest + MI left
- $120,391
- First ends
- Apr 2047
Assumption
Assumption + second
$2,871/mo
+$1,189/mo- Down payment
- $40,752
- Funds due
- $53,055
- Interest + MI left
- $386,323
- First ends
- Apr 2047
New loan
New conventional
$2,816/mo
+$1,133/mo- Down payment
- $40,752
- Funds due
- $49,673
- Interest + MI left
- $525,208
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $197,248 | $197,248 | $359,248 |
| Second mortgage | — | $162,000 | — |
| First P&I | $1,198.19 | $1,198.19 | $2,433.67 |
| Second P&I | — | $1,188.70 | — |
| Mortgage insurance | $174.60 | $174.60 | $71.85 |
| Taxes, insurance & HOA | $310.00 | $310.00 | $310.00 |
| Total housing payment | $1,682.79 | $2,871.49 | $2,815.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,752
Closing costs & prepaids$12,303
Usable credit−$0
Total buyer cash needed$53,055
Earnest money paid−$0
Remaining funds due$53,055
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$480.00
Prepaid interest, first (6 days)$134.56
Prepaid interest, second (6 days)$213.04
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 4 moOf the original 30-year loan at 4.15%
Interest already paid$89,749Through Dec 2026
Assumption only · ends Apr 2047$120,391
Assumption + second · ends Apr 2047, second Jan 2057$386,323
New conventional · ends Jan 2057$525,208