Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,586/mo
Lowest payment- Down payment
- $236,115
- Funds due
- $247,282
- Interest + MI left
- $111,979
- First ends
- Nov 2047
Assumption
Assumption + second
$3,003/mo
+$1,416/mo- Down payment
- $43,115
- Funds due
- $55,912
- Interest + MI left
- $428,798
- First ends
- Nov 2047
New loan
New conventional
$2,983/mo
+$1,397/mo- Down payment
- $43,115
- Funds due
- $52,545
- Interest + MI left
- $558,379
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $188,885 | $188,885 | $381,885 |
| Second mortgage | — | $193,000 | — |
| First P&I | $1,100.90 | $1,100.90 | $2,587.02 |
| Second P&I | — | $1,416.17 | — |
| Mortgage insurance | $165.53 | $165.53 | $76.38 |
| Taxes, insurance & HOA | $320.00 | $320.00 | $320.00 |
| Total housing payment | $1,586.43 | $3,002.59 | $2,983.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,115
Closing costs & prepaids$12,797
Usable credit−$0
Total buyer cash needed$55,912
Earnest money paid−$0
Remaining funds due$55,912
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$510.00
Prepaid interest, first (9 days)$181.17
Prepaid interest, second (9 days)$380.71
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 11 moOf the original 30-year loan at 3.89%
Interest already paid$75,193Through Dec 2026
Assumption only · ends Nov 2047$111,979
Assumption + second · ends Nov 2047, second Jan 2057$428,798
New conventional · ends Jan 2057$558,379