Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,979/mo
Lowest payment- Down payment
- $211,887
- Funds due
- $223,315
- Interest + MI left
- $124,217
- First ends
- Jan 2046
Assumption
Assumption + second
$3,204/mo
+$1,225/mo- Down payment
- $44,887
- Funds due
- $57,894
- Interest + MI left
- $398,357
- First ends
- Jan 2046
New loan
New conventional
$3,119/mo
+$1,140/mo- Down payment
- $44,887
- Funds due
- $54,555
- Interest + MI left
- $585,031
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $233,113 | $233,113 | $400,113 |
| Second mortgage | — | $167,000 | — |
| First P&I | $1,432.82 | $1,432.82 | $2,710.50 |
| Second P&I | — | $1,225.39 | — |
| Mortgage insurance | $217.81 | $217.81 | $80.02 |
| Taxes, insurance & HOA | $328.00 | $328.00 | $328.00 |
| Total housing payment | $1,978.63 | $3,204.02 | $3,118.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,887
Closing costs & prepaids$13,007
Usable credit−$0
Total buyer cash needed$57,894
Earnest money paid−$0
Remaining funds due$57,894
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,450.00
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)$534.00
Prepaid interest, first (9 days)$218.42
Prepaid interest, second (9 days)$329.42
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 closing19 yr 1 moOf the original 30-year loan at 3.8%
Interest already paid$113,312Through Dec 2026
Assumption only · ends Jan 2046$124,217
Assumption + second · ends Jan 2046, second Jan 2057$398,357
New conventional · ends Jan 2057$585,031