Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,992/mo
Lowest payment- Down payment
- $461,685
- Funds due
- $476,062
- Interest + MI left
- $138,787
- First ends
- Jun 2047
Assumption
Assumption + second
$4,807/mo
+$2,816/mo- Down payment
- $68,685
- Funds due
- $85,063
- Interest + MI left
- $759,367
- First ends
- Jun 2047
New loan
New conventional
$4,738/mo
+$2,747/mo- Down payment
- $68,685
- Funds due
- $81,435
- Interest + MI left
- $901,008
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $223,215 | $223,215 | $616,215 |
| Second mortgage | — | $393,000 | — |
| First P&I | $1,354.87 | $1,354.87 | $4,174.46 |
| Second P&I | — | $2,815.50 | — |
| Mortgage insurance | $196.25 | $196.25 | $123.24 |
| Taxes, insurance & HOA | $440.67 | $440.67 | $440.67 |
| Total housing payment | $1,991.79 | $4,807.29 | $4,738.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$68,685
Closing costs & prepaids$16,378
Usable credit−$0
Total buyer cash needed$85,063
Earnest money paid−$0
Remaining funds due$85,063
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,849.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$822.00
Prepaid interest, first (9 days)$231.17
Prepaid interest, second (9 days)$751.01
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 4.2%
Interest already paid$100,610Through Dec 2026
Assumption only · ends Jun 2047$138,787
Assumption + second · ends Jun 2047, second Jan 2057$759,367
New conventional · ends Jan 2057$901,008