Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,539/mo
Lowest payment- Down payment
- $261,846
- Funds due
- $273,287
- Interest + MI left
- $124,920
- First ends
- Aug 2049
Assumption
Assumption + second
$3,087/mo
+$1,547/mo- Down payment
- $45,846
- Funds due
- $58,950
- Interest + MI left
- $466,002
- First ends
- Aug 2049
New loan
New conventional
$3,141/mo
+$1,602/mo- Down payment
- $45,846
- Funds due
- $55,555
- Interest + MI left
- $589,397
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $187,154 | $187,154 | $403,154 |
| Second mortgage | — | $216,000 | — |
| First P&I | $1,054.66 | $1,054.66 | $2,731.11 |
| Second P&I | — | $1,547.45 | — |
| Mortgage insurance | $155.16 | $155.16 | $80.63 |
| Taxes, insurance & HOA | $329.58 | $329.58 | $329.58 |
| Total housing payment | $1,539.40 | $3,086.85 | $3,141.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,846
Closing costs & prepaids$13,104
Usable credit−$0
Total buyer cash needed$58,950
Earnest money paid−$0
Remaining funds due$58,950
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,490.00
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)$538.75
Prepaid interest, first (9 days)$187.82
Prepaid interest, second (9 days)$412.77
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 closing22 yr 8 moOf the original 30-year loan at 4.07%
Interest already paid$60,910Through Dec 2026
Assumption only · ends Aug 2049$124,920
Assumption + second · ends Aug 2049, second Jan 2057$466,002
New conventional · ends Jan 2057$589,397