Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,975/mo
Lowest payment- Down payment
- $232,514
- Funds due
- $244,392
- Interest + MI left
- $110,871
- First ends
- Jun 2046
Assumption
Assumption + second
$3,355/mo
+$1,379/mo- Down payment
- $44,514
- Funds due
- $57,848
- Interest + MI left
- $419,483
- First ends
- Jun 2046
New loan
New conventional
$3,298/mo
+$1,323/mo- Down payment
- $44,514
- Funds due
- $54,432
- Interest + MI left
- $581,190
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $209,486 | $209,486 | $397,486 |
| Second mortgage | — | $188,000 | — |
| First P&I | $1,255.86 | $1,255.86 | $2,692.71 |
| Second P&I | — | $1,379.48 | — |
| Mortgage insurance | $193.74 | $193.74 | $79.50 |
| Taxes, insurance & HOA | $525.67 | $525.67 | $525.67 |
| Total housing payment | $1,975.26 | $3,354.74 | $3,297.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,514
Closing costs & prepaids$13,334
Usable credit−$0
Total buyer cash needed$57,848
Earnest money paid−$0
Remaining funds due$57,848
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,420.00
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)$1,127.00
Prepaid interest, first (5 days)$105.60
Prepaid interest, second (5 days)$206.03
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 closing19 yr 6 moOf the original 30-year loan at 3.68%
Interest already paid$94,208Through Dec 2026
Assumption only · ends Jun 2046$110,871
Assumption + second · ends Jun 2046, second Jan 2057$419,483
New conventional · ends Jan 2057$581,190