Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,867/mo
Lowest payment- Down payment
- $252,468
- Funds due
- $265,281
- Interest + MI left
- $175,853
- First ends
- Sep 2054
Assumption
Assumption + second
$3,313/mo
+$1,446/mo- Down payment
- $55,468
- Funds due
- $69,833
- Interest + MI left
- $499,239
- First ends
- Sep 2054
New loan
New conventional
$3,836/mo
+$1,969/mo- Down payment
- $55,468
- Funds due
- $66,429
- Interest + MI left
- $723,088
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $297,532 | $297,532 | $494,532 |
| Second mortgage | — | $197,000 | — |
| First P&I | $1,337.30 | $1,337.30 | $3,350.13 |
| Second P&I | — | $1,445.52 | — |
| Mortgage insurance | $143.08 | $143.08 | $98.91 |
| Taxes, insurance & HOA | $386.67 | $386.67 | $386.67 |
| Total housing payment | $1,867.05 | $3,312.56 | $3,835.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,468
Closing costs & prepaids$14,366
Usable credit−$0
Total buyer cash needed$69,833
Earnest money paid−$0
Remaining funds due$69,833
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,500.00
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)$660.00
Prepaid interest, first (7 days)$178.32
Prepaid interest, second (7 days)$302.25
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 closing27 yr 9 moOf the original 30-year loan at 3.125%
Interest already paid$21,460Through Dec 2026
Assumption only · ends Sep 2054$175,853
Assumption + second · ends Sep 2054, second Jan 2057$499,239
New conventional · ends Jan 2057$723,088