Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,017/mo
Lowest payment- Down payment
- $177,188
- Funds due
- $188,319
- Interest + MI left
- $128,409
- First ends
- Jul 2046
Assumption
Assumption + second
$3,000/mo
+$983/mo- Down payment
- $43,188
- Funds due
- $55,745
- Interest + MI left
- $348,377
- First ends
- Jul 2046
New loan
New conventional
$2,983/mo
+$966/mo- Down payment
- $43,188
- Funds due
- $52,392
- Interest + MI left
- $558,196
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $247,812 | $247,812 | $381,812 |
| Second mortgage | — | $134,000 | — |
| First P&I | $1,467.25 | $1,467.25 | $2,586.53 |
| Second P&I | — | $983.24 | — |
| Mortgage insurance | $229.45 | $229.45 | $76.36 |
| Taxes, insurance & HOA | $320.00 | $320.00 | $320.00 |
| Total housing payment | $2,016.70 | $2,999.94 | $2,982.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,188
Closing costs & prepaids$12,557
Usable credit−$0
Total buyer cash needed$55,745
Earnest money paid−$0
Remaining funds due$55,745
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$510.00
Prepaid interest, first (6 days)$145.43
Prepaid interest, second (6 days)$176.22
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 closing19 yr 7 moOf the original 30-year loan at 3.57%
Interest already paid$107,294Through Dec 2026
Assumption only · ends Jul 2046$128,409
Assumption + second · ends Jul 2046, second Jan 2057$348,377
New conventional · ends Jan 2057$558,196