Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,072/mo
Lowest payment- Down payment
- $175,722
- Funds due
- $187,459
- Interest + MI left
- $169,974
- First ends
- Dec 2049
Assumption
Assumption + second
$3,025/mo
+$954/mo- Down payment
- $45,722
- Funds due
- $58,880
- Interest + MI left
- $383,375
- First ends
- Dec 2049
New loan
New conventional
$3,203/mo
+$1,132/mo- Down payment
- $45,722
- Funds due
- $55,519
- Interest + MI left
- $598,432
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $279,278 | $279,278 | $409,278 |
| Second mortgage | — | $130,000 | — |
| First P&I | $1,490.87 | $1,490.87 | $2,772.59 |
| Second P&I | — | $953.89 | — |
| Mortgage insurance | $231.99 | $231.99 | $81.86 |
| Taxes, insurance & HOA | $348.67 | $348.67 | $348.67 |
| Total housing payment | $2,071.52 | $3,025.42 | $3,203.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,722
Closing costs & prepaids$13,158
Usable credit−$0
Total buyer cash needed$58,880
Earnest money paid−$0
Remaining funds due$58,880
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,550.00
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)$546.00
Prepaid interest, first (6 days)$165.73
Prepaid interest, second (6 days)$170.96
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 closing23 yrOf the original 30-year loan at 3.61%
Interest already paid$76,997Through Dec 2026
Assumption only · ends Dec 2049$169,974
Assumption + second · ends Dec 2049, second Jan 2057$383,375
New conventional · ends Jan 2057$598,432