Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,403/mo
Lowest payment- Down payment
- $311,781
- Funds due
- $325,257
- Interest + MI left
- $177,116
- First ends
- Sep 2047
Assumption
Assumption + second
$4,201/mo
+$1,798/mo- Down payment
- $60,781
- Funds due
- $75,880
- Interest + MI left
- $573,466
- First ends
- Sep 2047
New loan
New conventional
$4,204/mo
+$1,802/mo- Down payment
- $60,781
- Funds due
- $72,374
- Interest + MI left
- $795,738
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $293,219 | $293,219 | $544,219 |
| Second mortgage | — | $251,000 | — |
| First P&I | $1,736.54 | $1,736.54 | $3,686.73 |
| Second P&I | — | $1,798.19 | — |
| Mortgage insurance | $257.34 | $257.34 | $108.84 |
| Taxes, insurance & HOA | $408.67 | $408.67 | $408.67 |
| Total housing payment | $2,402.54 | $4,200.73 | $4,204.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,781
Closing costs & prepaids$15,100
Usable credit−$0
Total buyer cash needed$75,880
Earnest money paid−$0
Remaining funds due$75,880
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,050.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$726.00
Prepaid interest, first (7 days)$225.50
Prepaid interest, second (7 days)$373.06
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 9 moOf the original 30-year loan at 4.01%
Interest already paid$122,677Through Dec 2026
Assumption only · ends Sep 2047$177,116
Assumption + second · ends Sep 2047, second Jan 2057$573,466
New conventional · ends Jan 2057$795,738