Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,497/mo
Lowest payment- Down payment
- $187,155
- Funds due
- $197,956
- Interest + MI left
- $119,863
- First ends
- Sep 2051
Assumption
Assumption + second
$2,576/mo
+$1,079/mo- Down payment
- $40,155
- Funds due
- $52,399
- Interest + MI left
- $361,171
- First ends
- Sep 2051
New loan
New conventional
$2,812/mo
+$1,315/mo- Down payment
- $40,155
- Funds due
- $49,071
- Interest + MI left
- $524,691
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $211,845 | $211,845 | $358,845 |
| Second mortgage | — | $147,000 | — |
| First P&I | $1,018.02 | $1,018.02 | $2,430.94 |
| Second P&I | — | $1,078.63 | — |
| Mortgage insurance | $169.73 | $169.73 | $71.77 |
| Taxes, insurance & HOA | $309.58 | $309.58 | $309.58 |
| Total housing payment | $1,497.34 | $2,575.97 | $2,812.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,155
Closing costs & prepaids$12,244
Usable credit−$0
Total buyer cash needed$52,399
Earnest money paid−$0
Remaining funds due$52,399
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,990.00
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)$478.75
Prepaid interest, first (6 days)$106.56
Prepaid interest, second (6 days)$193.32
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 9 moOf the original 30-year loan at 3.06%
Interest already paid$36,359Through Dec 2026
Assumption only · ends Sep 2051$119,863
Assumption + second · ends Sep 2051, second Jan 2057$361,171
New conventional · ends Jan 2057$524,691