Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,807/mo
Lowest payment- Down payment
- $187,681
- Funds due
- $199,035
- Interest + MI left
- $107,363
- First ends
- Nov 2047
Assumption
Assumption + second
$2,908/mo
+$1,101/mo- Down payment
- $37,681
- Funds due
- $50,483
- Interest + MI left
- $353,596
- First ends
- Nov 2047
New loan
New conventional
$2,906/mo
+$1,098/mo- Down payment
- $37,681
- Funds due
- $47,135
- Interest + MI left
- $485,839
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $182,319 | $182,319 | $332,319 |
| Second mortgage | — | $150,000 | — |
| First P&I | $1,059.74 | $1,059.74 | $2,251.24 |
| Second P&I | — | $1,100.65 | — |
| Mortgage insurance | $159.92 | $159.92 | $66.46 |
| Taxes, insurance & HOA | $587.83 | $587.83 | $587.83 |
| Total housing payment | $1,807.50 | $2,908.15 | $2,905.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,681
Closing costs & prepaids$12,801
Usable credit−$0
Total buyer cash needed$50,483
Earnest money paid−$0
Remaining funds due$50,483
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,700.00
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)$1,313.50
Prepaid interest, first (6 days)$115.69
Prepaid interest, second (6 days)$197.26
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 11 moOf the original 30-year loan at 3.86%
Interest already paid$72,056Through Dec 2026
Assumption only · ends Nov 2047$107,363
Assumption + second · ends Nov 2047, second Jan 2057$353,596
New conventional · ends Jan 2057$485,839