Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,533/mo
Lowest payment- Down payment
- $245,583
- Funds due
- $256,685
- Interest + MI left
- $107,849
- First ends
- Oct 2047
Assumption
Assumption + second
$2,988/mo
+$1,454/mo- Down payment
- $42,583
- Funds due
- $55,194
- Interest + MI left
- $428,403
- First ends
- Oct 2047
New loan
New conventional
$2,987/mo
+$1,454/mo- Down payment
- $42,583
- Funds due
- $51,794
- Interest + MI left
- $559,157
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $179,417 | $179,417 | $382,417 |
| Second mortgage | — | $203,000 | — |
| First P&I | $1,056.03 | $1,056.03 | $2,590.63 |
| Second P&I | — | $1,454.32 | — |
| Mortgage insurance | $157.25 | $157.25 | $76.48 |
| Taxes, insurance & HOA | $320.00 | $320.00 | $320.00 |
| Total housing payment | $1,533.28 | $2,987.59 | $2,987.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,583
Closing costs & prepaids$12,611
Usable credit−$0
Total buyer cash needed$55,194
Earnest money paid−$0
Remaining funds due$55,194
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$510.00
Prepaid interest, first (6 days)$117.09
Prepaid interest, second (6 days)$258.62
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 closing20 yr 10 moOf the original 30-year loan at 3.97%
Interest already paid$73,580Through Dec 2026
Assumption only · ends Oct 2047$107,849
Assumption + second · ends Oct 2047, second Jan 2057$428,403
New conventional · ends Jan 2057$559,157