Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,413/mo
Lowest payment- Down payment
- $182,724
- Funds due
- $193,354
- Interest + MI left
- $110,916
- First ends
- Jul 2051
Assumption
Assumption + second
$2,470/mo
+$1,057/mo- Down payment
- $38,724
- Funds due
- $50,888
- Interest + MI left
- $347,300
- First ends
- Jul 2051
New loan
New conventional
$2,682/mo
+$1,269/mo- Down payment
- $38,724
- Funds due
- $47,622
- Interest + MI left
- $498,934
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $197,276 | $197,276 | $341,276 |
| Second mortgage | — | $144,000 | — |
| First P&I | $952.32 | $952.32 | $2,311.92 |
| Second P&I | — | $1,056.62 | — |
| Mortgage insurance | $158.78 | $158.78 | $68.26 |
| Taxes, insurance & HOA | $302.00 | $302.00 | $302.00 |
| Total housing payment | $1,413.09 | $2,469.71 | $2,682.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,724
Closing costs & prepaids$12,164
Usable credit−$0
Total buyer cash needed$50,888
Earnest money paid−$0
Remaining funds due$50,888
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,800.00
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)$456.00
Prepaid interest, first (9 days)$148.85
Prepaid interest, second (9 days)$284.05
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$35,022Through Dec 2026
Assumption only · ends Jul 2051$110,916
Assumption + second · ends Jul 2051, second Jan 2057$347,300
New conventional · ends Jan 2057$498,934