Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,194/mo
Lowest payment- Down payment
- $230,499
- Funds due
- $242,976
- Interest + MI left
- $180,251
- First ends
- Sep 2049
Assumption
Assumption + second
$3,500/mo
+$1,306/mo- Down payment
- $52,499
- Funds due
- $66,460
- Interest + MI left
- $472,447
- First ends
- Sep 2049
New loan
New conventional
$3,635/mo
+$1,441/mo- Down payment
- $52,499
- Funds due
- $63,025
- Interest + MI left
- $683,564
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $289,501 | $289,501 | $467,501 |
| Second mortgage | — | $178,000 | — |
| First P&I | $1,577.90 | $1,577.90 | $3,167.01 |
| Second P&I | — | $1,306.10 | — |
| Mortgage insurance | $241.34 | $241.34 | $93.50 |
| Taxes, insurance & HOA | $374.67 | $374.67 | $374.67 |
| Total housing payment | $2,193.91 | $3,500.01 | $3,635.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,499
Closing costs & prepaids$13,962
Usable credit−$0
Total buyer cash needed$66,460
Earnest money paid−$0
Remaining funds due$66,460
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,200.00
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)$624.00
Prepaid interest, first (6 days)$178.46
Prepaid interest, second (6 days)$234.08
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 closing22 yr 9 moOf the original 30-year loan at 3.75%
Interest already paid$86,064Through Dec 2026
Assumption only · ends Sep 2049$180,251
Assumption + second · ends Sep 2049, second Jan 2057$472,447
New conventional · ends Jan 2057$683,564