Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,122/mo
Lowest payment- Down payment
- $196,224
- Funds due
- $207,959
- Interest + MI left
- $160,201
- First ends
- Jun 2048
Assumption
Assumption + second
$3,244/mo
+$1,123/mo- Down payment
- $43,224
- Funds due
- $56,343
- Interest + MI left
- $411,359
- First ends
- Jun 2048
New loan
New conventional
$3,195/mo
+$1,073/mo- Down payment
- $43,224
- Funds due
- $52,915
- Interest + MI left
- $558,869
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $233,776 | $233,776 | $386,776 |
| Second mortgage | — | $153,000 | — |
| First P&I | $1,407.93 | $1,407.93 | $2,601.87 |
| Second P&I | — | $1,122.66 | — |
| Mortgage insurance | $198.22 | $198.22 | $77.36 |
| Taxes, insurance & HOA | $515.50 | $515.50 | $515.50 |
| Total housing payment | $2,121.65 | $3,244.31 | $3,194.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,224
Closing costs & prepaids$13,119
Usable credit−$0
Total buyer cash needed$56,343
Earnest money paid−$0
Remaining funds due$56,343
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,300.00
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)$1,096.50
Prepaid interest, first (4 days)$113.75
Prepaid interest, second (4 days)$134.14
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 closing21 yr 6 moOf the original 30-year loan at 4.44%
Interest already paid$97,548Through Dec 2026
Assumption only · ends Jun 2048$160,201
Assumption + second · ends Jun 2048, second Jan 2057$411,359
New conventional · ends Jan 2057$558,869