Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,231/mo
Lowest payment- Down payment
- $193,189
- Funds due
- $205,098
- Interest + MI left
- $194,136
- First ends
- Oct 2048
Assumption
Assumption + second
$3,302/mo
+$1,071/mo- Down payment
- $47,189
- Funds due
- $60,540
- Interest + MI left
- $433,803
- First ends
- Oct 2048
New loan
New conventional
$3,281/mo
+$1,051/mo- Down payment
- $47,189
- Funds due
- $57,118
- Interest + MI left
- $613,833
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $273,811 | $273,811 | $419,811 |
| Second mortgage | — | $146,000 | — |
| First P&I | $1,647.55 | $1,647.55 | $2,843.95 |
| Second P&I | — | $1,071.30 | — |
| Mortgage insurance | $229.52 | $229.52 | $83.96 |
| Taxes, insurance & HOA | $353.50 | $353.50 | $353.50 |
| Total housing payment | $2,230.57 | $3,301.86 | $3,281.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,189
Closing costs & prepaids$13,351
Usable credit−$0
Total buyer cash needed$60,540
Earnest money paid−$0
Remaining funds due$60,540
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,670.00
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)$560.50
Prepaid interest, first (6 days)$203.90
Prepaid interest, second (6 days)$192.00
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 closing21 yr 10 moOf the original 30-year loan at 4.53%
Interest already paid$111,249Through Dec 2026
Assumption only · ends Oct 2048$194,136
Assumption + second · ends Oct 2048, second Jan 2057$433,803
New conventional · ends Jan 2057$613,833