Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,677/mo
Lowest payment- Down payment
- $170,002
- Funds due
- $180,730
- Interest + MI left
- $137,800
- First ends
- Dec 2049
Assumption
Assumption + second
$2,638/mo
+$961/mo- Down payment
- $39,002
- Funds due
- $51,152
- Interest + MI left
- $352,843
- First ends
- Dec 2049
New loan
New conventional
$2,754/mo
+$1,077/mo- Down payment
- $39,002
- Funds due
- $47,819
- Interest + MI left
- $513,216
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $219,997 | $219,997 | $350,997 |
| Second mortgage | — | $131,000 | — |
| First P&I | $1,188.47 | $1,188.47 | $2,377.78 |
| Second P&I | — | $961.23 | — |
| Mortgage insurance | $182.22 | $182.22 | $70.20 |
| Taxes, insurance & HOA | $306.00 | $306.00 | $306.00 |
| Total housing payment | $1,676.69 | $2,637.92 | $2,753.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,002
Closing costs & prepaids$12,150
Usable credit−$0
Total buyer cash needed$51,152
Earnest money paid−$0
Remaining funds due$51,152
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,899.99
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)$468.00
Prepaid interest, first (6 days)$134.89
Prepaid interest, second (6 days)$172.27
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 closing23 yrOf the original 30-year loan at 3.73%
Interest already paid$62,574Through Dec 2026
Assumption only · ends Dec 2049$137,800
Assumption + second · ends Dec 2049, second Jan 2057$352,843
New conventional · ends Jan 2057$513,216