Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,671/mo
Lowest payment- Down payment
- $227,689
- Funds due
- $239,019
- Interest + MI left
- $91,036
- First ends
- Aug 2046
Assumption
Assumption + second
$3,043/mo
+$1,372/mo- Down payment
- $40,689
- Funds due
- $53,474
- Interest + MI left
- $398,006
- First ends
- Aug 2046
New loan
New conventional
$2,995/mo
+$1,324/mo- Down payment
- $40,689
- Funds due
- $50,079
- Interest + MI left
- $525,154
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $172,211 | $172,211 | $359,211 |
| Second mortgage | — | $187,000 | — |
| First P&I | $1,022.85 | $1,022.85 | $2,433.42 |
| Second P&I | — | $1,372.14 | — |
| Mortgage insurance | $158.57 | $158.57 | $71.84 |
| Taxes, insurance & HOA | $489.92 | $489.92 | $489.92 |
| Total housing payment | $1,671.34 | $3,043.48 | $2,995.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,689
Closing costs & prepaids$12,785
Usable credit−$0
Total buyer cash needed$53,474
Earnest money paid−$0
Remaining funds due$53,474
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 (5 days)$85.87
Prepaid interest, second (5 days)$204.93
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 8 moOf the original 30-year loan at 3.64%
Interest already paid$75,175Through Dec 2026
Assumption only · ends Aug 2046$91,036
Assumption + second · ends Aug 2046, second Jan 2057$398,006
New conventional · ends Jan 2057$525,154