Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,956/mo
Lowest payment- Down payment
- $347,084
- Funds due
- $360,150
- Interest + MI left
- $136,893
- First ends
- Jul 2047
Assumption
Assumption + second
$4,026/mo
+$2,070/mo- Down payment
- $58,084
- Funds due
- $72,768
- Interest + MI left
- $593,249
- First ends
- Jul 2047
New loan
New conventional
$4,002/mo
+$2,046/mo- Down payment
- $58,084
- Funds due
- $69,228
- Interest + MI left
- $755,817
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $227,916 | $227,916 | $516,916 |
| Second mortgage | — | $289,000 | — |
| First P&I | $1,358.01 | $1,358.01 | $3,501.77 |
| Second P&I | — | $2,070.43 | — |
| Mortgage insurance | $201.00 | $201.00 | $103.38 |
| Taxes, insurance & HOA | $396.67 | $396.67 | $396.67 |
| Total housing payment | $1,955.68 | $4,026.11 | $4,001.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,084
Closing costs & prepaids$14,684
Usable credit−$0
Total buyer cash needed$72,768
Earnest money paid−$0
Remaining funds due$72,768
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,750.00
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)$690.00
Prepaid interest, first (6 days)$150.61
Prepaid interest, second (6 days)$368.18
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 7 moOf the original 30-year loan at 4.02%
Interest already paid$97,606Through Dec 2026
Assumption only · ends Jul 2047$136,893
Assumption + second · ends Jul 2047, second Jan 2057$593,249
New conventional · ends Jan 2057$755,817