Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,748/mo
Lowest payment- Down payment
- $209,546
- Funds due
- $220,813
- Interest + MI left
- $96,214
- First ends
- Aug 2046
Assumption
Assumption + second
$2,995/mo
+$1,247/mo- Down payment
- $39,546
- Funds due
- $52,249
- Interest + MI left
- $375,278
- First ends
- Aug 2046
New loan
New conventional
$2,961/mo
+$1,213/mo- Down payment
- $39,546
- Funds due
- $48,876
- Interest + MI left
- $519,001
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $184,954 | $184,954 | $354,954 |
| Second mortgage | — | $170,000 | — |
| First P&I | $1,091.87 | $1,091.87 | $2,404.58 |
| Second P&I | — | $1,247.40 | — |
| Mortgage insurance | $170.75 | $170.75 | $70.99 |
| Taxes, insurance & HOA | $485.33 | $485.33 | $485.33 |
| Total housing payment | $1,747.95 | $2,995.35 | $2,960.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,546
Closing costs & prepaids$12,703
Usable credit−$0
Total buyer cash needed$52,249
Earnest money paid−$0
Remaining funds due$52,249
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,945.00
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)$1,006.00
Prepaid interest, first (5 days)$90.45
Prepaid interest, second (5 days)$186.30
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 3.57%
Interest already paid$79,294Through Dec 2026
Assumption only · ends Aug 2046$96,214
Assumption + second · ends Aug 2046, second Jan 2057$375,278
New conventional · ends Jan 2057$519,001