Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,610/mo
Lowest payment- Down payment
- $192,363
- Funds due
- $203,225
- Interest + MI left
- $105,077
- First ends
- Mar 2048
Assumption
Assumption + second
$2,748/mo
+$1,137/mo- Down payment
- $37,363
- Funds due
- $49,577
- Interest + MI left
- $359,518
- First ends
- Mar 2048
New loan
New conventional
$2,730/mo
+$1,119/mo- Down payment
- $37,363
- Funds due
- $46,187
- Interest + MI left
- $473,351
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $172,637 | $172,637 | $327,637 |
| Second mortgage | — | $155,000 | — |
| First P&I | $1,000.56 | $1,000.56 | $2,204.04 |
| Second P&I | — | $1,137.34 | — |
| Mortgage insurance | $149.53 | $149.53 | $65.53 |
| Taxes, insurance & HOA | $460.25 | $460.25 | $460.25 |
| Total housing payment | $1,610.34 | $2,747.68 | $2,729.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,363
Closing costs & prepaids$12,214
Usable credit−$0
Total buyer cash needed$49,577
Earnest money paid−$0
Remaining funds due$49,577
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$930.75
Prepaid interest, first (3 days)$55.91
Prepaid interest, second (3 days)$101.92
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 3 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 3 moOf the original 30-year loan at 3.94%
Interest already paid$66,590Through Dec 2026
Assumption only · ends Mar 2048$105,077
Assumption + second · ends Mar 2048, second Jan 2057$359,518
New conventional · ends Jan 2057$473,351