Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,721/mo
Lowest payment- Down payment
- $230,723
- Funds due
- $242,078
- Interest + MI left
- $145,254
- First ends
- Aug 2049
Assumption
Assumption + second
$3,086/mo
+$1,365/mo- Down payment
- $44,723
- Funds due
- $57,572
- Interest + MI left
- $450,582
- First ends
- Aug 2049
New loan
New conventional
$3,120/mo
+$1,399/mo- Down payment
- $44,723
- Funds due
- $54,157
- Interest + MI left
- $585,271
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $214,277 | $214,277 | $400,277 |
| Second mortgage | — | $186,000 | — |
| First P&I | $1,215.65 | $1,215.65 | $2,711.62 |
| Second P&I | — | $1,364.80 | — |
| Mortgage insurance | $177.35 | $177.35 | $80.06 |
| Taxes, insurance & HOA | $328.00 | $328.00 | $328.00 |
| Total housing payment | $1,721.01 | $3,085.81 | $3,119.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,723
Closing costs & prepaids$12,849
Usable credit−$0
Total buyer cash needed$57,572
Earnest money paid−$0
Remaining funds due$57,572
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)$145.83
Prepaid interest, second (6 days)$244.60
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 closing22 yr 8 moOf the original 30-year loan at 4.14%
Interest already paid$70,874Through Dec 2026
Assumption only · ends Aug 2049$145,254
Assumption + second · ends Aug 2049, second Jan 2057$450,582
New conventional · ends Jan 2057$585,271