Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,842/mo
Lowest payment- Down payment
- $199,980
- Funds due
- $211,331
- Interest + MI left
- $117,206
- First ends
- Aug 2047
Assumption
Assumption + second
$3,008/mo
+$1,167/mo- Down payment
- $40,980
- Funds due
- $53,756
- Interest + MI left
- $378,213
- First ends
- Aug 2047
New loan
New conventional
$2,994/mo
+$1,152/mo- Down payment
- $40,980
- Funds due
- $50,368
- Interest + MI left
- $524,865
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $200,013 | $200,013 | $359,013 |
| Second mortgage | — | $159,000 | — |
| First P&I | $1,174.91 | $1,174.91 | $2,432.08 |
| Second P&I | — | $1,166.69 | — |
| Mortgage insurance | $176.66 | $176.66 | $71.80 |
| Taxes, insurance & HOA | $490.00 | $490.00 | $490.00 |
| Total housing payment | $1,841.57 | $3,008.25 | $2,993.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,980
Closing costs & prepaids$12,776
Usable credit−$0
Total buyer cash needed$53,756
Earnest money paid−$0
Remaining funds due$53,756
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.93
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)$1,020.00
Prepaid interest, first (5 days)$106.58
Prepaid interest, second (5 days)$174.25
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 3.89%
Interest already paid$82,204Through Dec 2026
Assumption only · ends Aug 2047$117,206
Assumption + second · ends Aug 2047, second Jan 2057$378,213
New conventional · ends Jan 2057$524,865