Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,706/mo
Lowest payment- Down payment
- $199,612
- Funds due
- $210,824
- Interest + MI left
- $118,510
- First ends
- Aug 2049
Assumption
Assumption + second
$2,851/mo
+$1,145/mo- Down payment
- $43,612
- Funds due
- $56,279
- Interest + MI left
- $374,593
- First ends
- Aug 2049
New loan
New conventional
$3,054/mo
+$1,347/mo- Down payment
- $43,612
- Funds due
- $52,935
- Interest + MI left
- $572,274
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $235,388 | $235,388 | $391,388 |
| Second mortgage | — | $156,000 | — |
| First P&I | $1,190.16 | $1,190.16 | $2,651.40 |
| Second P&I | — | $1,144.67 | — |
| Mortgage insurance | $192.18 | $192.18 | $78.28 |
| Taxes, insurance & HOA | $324.00 | $324.00 | $324.00 |
| Total housing payment | $1,706.33 | $2,851.01 | $3,053.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,612
Closing costs & prepaids$12,667
Usable credit−$0
Total buyer cash needed$56,279
Earnest money paid−$0
Remaining funds due$56,279
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,350.00
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)$522.00
Prepaid interest, first (6 days)$114.92
Prepaid interest, second (6 days)$205.15
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 8 moOf the original 28-year loan at 2.97%
Interest already paid$40,250Through Dec 2026
Assumption only · ends Aug 2049$118,510
Assumption + second · ends Aug 2049, second Jan 2057$374,593
New conventional · ends Jan 2057$572,274