Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,512/mo
Lowest payment- Down payment
- $299,162
- Funds due
- $311,110
- Interest + MI left
- $91,750
- First ends
- Apr 2047
Assumption
Assumption + second
$3,310/mo
+$1,798/mo- Down payment
- $48,162
- Funds due
- $61,840
- Interest + MI left
- $488,101
- First ends
- Apr 2047
New loan
New conventional
$3,333/mo
+$1,821/mo- Down payment
- $48,162
- Funds due
- $58,430
- Interest + MI left
- $623,962
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $175,738 | $175,738 | $426,738 |
| Second mortgage | — | $251,000 | — |
| First P&I | $1,013.12 | $1,013.12 | $2,890.87 |
| Second P&I | — | $1,798.19 | — |
| Mortgage insurance | $142.43 | $142.43 | $85.35 |
| Taxes, insurance & HOA | $356.67 | $356.67 | $356.67 |
| Total housing payment | $1,512.21 | $3,310.41 | $3,332.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,162
Closing costs & prepaids$13,678
Usable credit−$0
Total buyer cash needed$61,840
Earnest money paid−$0
Remaining funds due$61,840
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,749.00
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)$570.00
Prepaid interest, first (9 days)$154.26
Prepaid interest, second (9 days)$479.65
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 closing20 yr 4 moOf the original 25-year loan at 3.56%
Interest already paid$31,396Through Dec 2026
Assumption only · ends Apr 2047$91,750
Assumption + second · ends Apr 2047, second Jan 2057$488,101
New conventional · ends Jan 2057$623,962