Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,688/mo
Lowest payment- Down payment
- $231,304
- Funds due
- $242,451
- Interest + MI left
- $102,810
- First ends
- May 2046
Assumption
Assumption + second
$3,067/mo
+$1,379/mo- Down payment
- $43,304
- Funds due
- $55,948
- Interest + MI left
- $411,422
- First ends
- May 2046
New loan
New conventional
$3,012/mo
+$1,324/mo- Down payment
- $43,304
- Funds due
- $52,556
- Interest + MI left
- $563,951
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $197,696 | $197,696 | $385,696 |
| Second mortgage | — | $188,000 | — |
| First P&I | $1,182.55 | $1,182.55 | $2,612.84 |
| Second P&I | — | $1,379.48 | — |
| Mortgage insurance | $183.79 | $183.79 | $77.14 |
| Taxes, insurance & HOA | $321.58 | $321.58 | $321.58 |
| Total housing payment | $1,687.92 | $3,067.40 | $3,011.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,304
Closing costs & prepaids$12,645
Usable credit−$0
Total buyer cash needed$55,948
Earnest money paid−$0
Remaining funds due$55,948
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,290.00
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)$514.75
Prepaid interest, first (6 days)$117.64
Prepaid interest, second (6 days)$247.23
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 5 moOf the original 30-year loan at 3.62%
Interest already paid$88,418Through Dec 2026
Assumption only · ends May 2046$102,810
Assumption + second · ends May 2046, second Jan 2057$411,422
New conventional · ends Jan 2057$563,951