Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,742/mo
Lowest payment- Down payment
- $210,319
- Funds due
- $221,589
- Interest + MI left
- $134,614
- First ends
- Jun 2049
Assumption
Assumption + second
$2,990/mo
+$1,247/mo- Down payment
- $40,319
- Funds due
- $52,914
- Interest + MI left
- $413,678
- First ends
- Jun 2049
New loan
New conventional
$3,046/mo
+$1,303/mo- Down payment
- $40,319
- Funds due
- $49,487
- Interest + MI left
- $545,480
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $189,681 | $189,681 | $359,681 |
| Second mortgage | — | $170,000 | — |
| First P&I | $1,102.39 | $1,102.39 | $2,490.36 |
| Second P&I | — | $1,247.40 | — |
| Mortgage insurance | $156.49 | $156.49 | $71.94 |
| Taxes, insurance & HOA | $483.33 | $483.33 | $483.33 |
| Total housing payment | $1,742.21 | $2,989.61 | $3,045.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,319
Closing costs & prepaids$12,595
Usable credit−$0
Total buyer cash needed$52,914
Earnest money paid−$0
Remaining funds due$52,914
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$1,000.00
Prepaid interest, first (2 days)$45.42
Prepaid interest, second (2 days)$74.52
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 7 moOf the original 30-year loan at 4.370%
Interest already paid$66,870Through Nov 2026
Assumption only · ends Jun 2049$134,614
Assumption + second · ends Jun 2049, second Dec 2056$413,678
New conventional · ends Dec 2056$545,480