Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,791/mo
Lowest payment- Down payment
- $232,301
- Funds due
- $243,713
- Interest + MI left
- $114,612
- First ends
- Jan 2047
Assumption
Assumption + second
$3,163/mo
+$1,372/mo- Down payment
- $45,301
- Funds due
- $58,250
- Interest + MI left
- $421,582
- First ends
- Jan 2047
New loan
New conventional
$3,152/mo
+$1,361/mo- Down payment
- $45,301
- Funds due
- $54,869
- Interest + MI left
- $591,591
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $217,599 | $217,599 | $404,599 |
| Second mortgage | — | $187,000 | — |
| First P&I | $1,262.85 | $1,262.85 | $2,740.89 |
| Second P&I | — | $1,372.14 | — |
| Mortgage insurance | $198.22 | $198.22 | $80.92 |
| Taxes, insurance & HOA | $330.00 | $330.00 | $330.00 |
| Total housing payment | $1,791.07 | $3,163.21 | $3,151.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,301
Closing costs & prepaids$12,949
Usable credit−$0
Total buyer cash needed$58,250
Earnest money paid−$0
Remaining funds due$58,250
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,499.00
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)$540.00
Prepaid interest, first (7 days)$147.73
Prepaid interest, second (7 days)$286.90
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 1 moOf the original 30-year loan at 3.54%
Interest already paid$88,041Through Dec 2026
Assumption only · ends Jan 2047$114,612
Assumption + second · ends Jan 2047, second Jan 2057$421,582
New conventional · ends Jan 2057$591,591