Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,277/mo
Lowest payment- Down payment
- $194,167
- Funds due
- $206,149
- Interest + MI left
- $170,446
- First ends
- Aug 2047
Assumption
Assumption + second
$3,348/mo
+$1,071/mo- Down payment
- $48,167
- Funds due
- $61,591
- Interest + MI left
- $410,113
- First ends
- Aug 2047
New loan
New conventional
$3,334/mo
+$1,057/mo- Down payment
- $48,167
- Funds due
- $58,184
- Interest + MI left
- $624,100
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $280,833 | $280,833 | $426,833 |
| Second mortgage | — | $146,000 | — |
| First P&I | $1,673.45 | $1,673.45 | $2,891.52 |
| Second P&I | — | $1,071.30 | — |
| Mortgage insurance | $246.79 | $246.79 | $85.37 |
| Taxes, insurance & HOA | $356.67 | $356.67 | $356.67 |
| Total housing payment | $2,276.91 | $3,348.21 | $3,333.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,167
Closing costs & prepaids$13,424
Usable credit−$0
Total buyer cash needed$61,591
Earnest money paid−$0
Remaining funds due$61,591
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,750.00
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)$570.00
Prepaid interest, first (6 days)$186.97
Prepaid interest, second (6 days)$192.00
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 8 moOf the original 30-year loan at 4.05%
Interest already paid$119,844Through Dec 2026
Assumption only · ends Aug 2047$170,446
Assumption + second · ends Aug 2047, second Jan 2057$410,113
New conventional · ends Jan 2057$624,100