Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,671/mo
Lowest payment- Down payment
- $170,212
- Funds due
- $180,938
- Interest + MI left
- $136,365
- First ends
- Dec 2049
Assumption
Assumption + second
$2,632/mo
+$961/mo- Down payment
- $39,212
- Funds due
- $51,360
- Interest + MI left
- $351,408
- First ends
- Dec 2049
New loan
New conventional
$2,753/mo
+$1,082/mo- Down payment
- $39,212
- Funds due
- $48,027
- Interest + MI left
- $512,909
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $219,787 | $219,787 | $350,787 |
| Second mortgage | — | $131,000 | — |
| First P&I | $1,182.64 | $1,182.64 | $2,376.35 |
| Second P&I | — | $961.23 | — |
| Mortgage insurance | $182.22 | $182.22 | $70.16 |
| Taxes, insurance & HOA | $306.00 | $306.00 | $306.00 |
| Total housing payment | $1,670.86 | $2,632.09 | $2,752.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,212
Closing costs & prepaids$12,149
Usable credit−$0
Total buyer cash needed$51,360
Earnest money paid−$0
Remaining funds due$51,360
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,899.99
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)$468.00
Prepaid interest, first (6 days)$133.32
Prepaid interest, second (6 days)$172.27
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 3.69%
Interest already paid$61,875Through Dec 2026
Assumption only · ends Dec 2049$136,365
Assumption + second · ends Dec 2049, second Jan 2057$351,408
New conventional · ends Jan 2057$512,909