Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,927/mo
Lowest payment- Down payment
- $190,880
- Funds due
- $202,829
- Interest + MI left
- $156,931
- First ends
- Jul 2051
Assumption
Assumption + second
$2,976/mo
+$1,049/mo- Down payment
- $47,880
- Funds due
- $61,361
- Interest + MI left
- $391,673
- First ends
- Jul 2051
New loan
New conventional
$3,299/mo
+$1,372/mo- Down payment
- $47,880
- Funds due
- $58,088
- Interest + MI left
- $617,123
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $279,119 | $279,119 | $422,119 |
| Second mortgage | — | $143,000 | — |
| First P&I | $1,347.40 | $1,347.40 | $2,859.58 |
| Second P&I | — | $1,049.28 | — |
| Mortgage insurance | $224.65 | $224.65 | $84.42 |
| Taxes, insurance & HOA | $354.67 | $354.67 | $354.67 |
| Total housing payment | $1,926.71 | $2,975.99 | $3,298.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,880
Closing costs & prepaids$13,482
Usable credit−$0
Total buyer cash needed$61,361
Earnest money paid−$0
Remaining funds due$61,361
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,699.99
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)$564.00
Prepaid interest, first (9 days)$210.60
Prepaid interest, second (9 days)$282.08
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing24 yr 7 moOf the original 30-year loan at 3.06%
Interest already paid$49,551Through Dec 2026
Assumption only · ends Jul 2051$156,931
Assumption + second · ends Jul 2051, second Jan 2057$391,673
New conventional · ends Jan 2057$617,123