Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,649/mo
Lowest payment- Down payment
- $209,849
- Funds due
- $221,176
- Interest + MI left
- $132,630
- First ends
- Aug 2051
Assumption
Assumption + second
$2,860/mo
+$1,211/mo- Down payment
- $44,849
- Funds due
- $57,643
- Interest + MI left
- $403,486
- First ends
- Aug 2051
New loan
New conventional
$3,119/mo
+$1,469/mo- Down payment
- $44,849
- Funds due
- $54,282
- Interest + MI left
- $585,087
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $235,151 | $235,151 | $400,151 |
| Second mortgage | — | $165,000 | — |
| First P&I | $1,132.58 | $1,132.58 | $2,710.76 |
| Second P&I | — | $1,210.71 | — |
| Mortgage insurance | $188.83 | $188.83 | $80.03 |
| Taxes, insurance & HOA | $328.00 | $328.00 | $328.00 |
| Total housing payment | $1,649.41 | $2,860.12 | $3,118.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,849
Closing costs & prepaids$12,794
Usable credit−$0
Total buyer cash needed$57,643
Earnest money paid−$0
Remaining funds due$57,643
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,450.00
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)$534.00
Prepaid interest, first (6 days)$118.28
Prepaid interest, second (6 days)$216.99
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 closing24 yr 8 moOf the original 30-year loan at 3.06%
Interest already paid$41,051Through Dec 2026
Assumption only · ends Aug 2051$132,630
Assumption + second · ends Aug 2051, second Jan 2057$403,486
New conventional · ends Jan 2057$585,087