Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,345/mo
Lowest payment- Down payment
- $251,993
- Funds due
- $262,802
- Interest + MI left
- $93,906
- First ends
- Jun 2047
Assumption
Assumption + second
$2,864/mo
+$1,519/mo- Down payment
- $39,993
- Funds due
- $52,322
- Interest + MI left
- $428,672
- First ends
- Jun 2047
New loan
New conventional
$2,820/mo
+$1,475/mo- Down payment
- $39,993
- Funds due
- $48,922
- Interest + MI left
- $526,244
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $147,907 | $147,907 | $359,907 |
| Second mortgage | — | $212,000 | — |
| First P&I | $905.69 | $905.69 | $2,438.14 |
| Second P&I | — | $1,518.79 | — |
| Mortgage insurance | $129.64 | $129.64 | $71.98 |
| Taxes, insurance & HOA | $310.00 | $310.00 | $310.00 |
| Total housing payment | $1,345.33 | $2,864.12 | $2,820.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,993
Closing costs & prepaids$12,329
Usable credit−$0
Total buyer cash needed$52,322
Earnest money paid−$0
Remaining funds due$52,322
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.00
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)$104.55
Prepaid interest, second (6 days)$270.08
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 6 moOf the original 30-year loan at 4.3%
Interest already paid$68,140Through Dec 2026
Assumption only · ends Jun 2047$93,906
Assumption + second · ends Jun 2047, second Jan 2057$428,672
New conventional · ends Jan 2057$526,244