Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,826/mo
Lowest payment- Down payment
- $181,802
- Funds due
- $193,049
- Interest + MI left
- $133,257
- First ends
- Dec 2049
Assumption
Assumption + second
$2,861/mo
+$1,035/mo- Down payment
- $40,802
- Funds due
- $53,330
- Interest + MI left
- $364,716
- First ends
- Dec 2049
New loan
New conventional
$3,042/mo
+$1,216/mo- Down payment
- $40,802
- Funds due
- $49,892
- Interest + MI left
- $544,675
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $218,197 | $218,197 | $359,197 |
| Second mortgage | — | $141,000 | — |
| First P&I | $1,162.10 | $1,162.10 | $2,487.01 |
| Second P&I | — | $1,034.61 | — |
| Mortgage insurance | $180.83 | $180.83 | $71.84 |
| Taxes, insurance & HOA | $483.33 | $483.33 | $483.33 |
| Total housing payment | $1,826.26 | $2,860.87 | $3,042.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,802
Closing costs & prepaids$12,527
Usable credit−$0
Total buyer cash needed$53,330
Earnest money paid−$0
Remaining funds due$53,330
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.99
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 (1 days)$21.58
Prepaid interest, second (1 days)$30.90
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing23 yr 1 moOf the original 30-year loan at 3.610%
Interest already paid$59,361Through Nov 2026
Assumption only · ends Dec 2049$133,257
Assumption + second · ends Dec 2049, second Dec 2056$364,716
New conventional · ends Dec 2056$544,675