Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,352/mo
Lowest payment- Down payment
- $241,155
- Funds due
- $251,904
- Interest + MI left
- $91,357
- First ends
- Aug 2047
Assumption
Assumption + second
$2,792/mo
+$1,440/mo- Down payment
- $40,155
- Funds due
- $52,410
- Interest + MI left
- $408,753
- First ends
- Aug 2047
New loan
New conventional
$2,783/mo
+$1,431/mo- Down payment
- $40,155
- Funds due
- $49,021
- Interest + MI left
- $518,771
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $153,845 | $153,845 | $354,845 |
| Second mortgage | — | $201,000 | — |
| First P&I | $908.59 | $908.59 | $2,403.84 |
| Second P&I | — | $1,439.99 | — |
| Mortgage insurance | $135.62 | $135.62 | $70.97 |
| Taxes, insurance & HOA | $308.00 | $308.00 | $308.00 |
| Total housing payment | $1,352.21 | $2,792.20 | $2,782.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,155
Closing costs & prepaids$12,255
Usable credit−$0
Total buyer cash needed$52,410
Earnest money paid−$0
Remaining funds due$52,410
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,950.00
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)$474.00
Prepaid interest, first (6 days)$99.89
Prepaid interest, second (6 days)$256.07
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 3.95%
Interest already paid$64,139Through Dec 2026
Assumption only · ends Aug 2047$91,357
Assumption + second · ends Aug 2047, second Jan 2057$408,753
New conventional · ends Jan 2057$518,771