Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,663/mo
Lowest payment- Down payment
- $224,633
- Funds due
- $235,951
- Interest + MI left
- $104,542
- First ends
- Dec 2047
Assumption
Assumption + second
$3,013/mo
+$1,350/mo- Down payment
- $40,633
- Funds due
- $53,363
- Interest + MI left
- $406,587
- First ends
- Dec 2047
New loan
New conventional
$2,979/mo
+$1,316/mo- Down payment
- $40,633
- Funds due
- $49,950
- Interest + MI left
- $519,120
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $175,267 | $175,267 | $359,267 |
| Second mortgage | — | $184,000 | — |
| First P&I | $1,019.83 | $1,019.83 | $2,416.81 |
| Second P&I | — | $1,350.13 | — |
| Mortgage insurance | $153.15 | $153.15 | $71.85 |
| Taxes, insurance & HOA | $489.92 | $489.92 | $489.92 |
| Total housing payment | $1,662.90 | $3,013.03 | $2,978.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,633
Closing costs & prepaids$12,730
Usable credit−$0
Total buyer cash needed$53,363
Earnest money paid−$0
Remaining funds due$53,363
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)$1,019.75
Prepaid interest, first (4 days)$74.91
Prepaid interest, second (4 days)$161.32
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 yrOf the original 30-year loan at 3.9%
Interest already paid$69,191Through Dec 2026
Assumption only · ends Dec 2047$104,542
Assumption + second · ends Dec 2047, second Jan 2057$406,587
New conventional · ends Jan 2057$519,120