Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,626/mo
Lowest payment- Down payment
- $200,558
- Funds due
- $211,707
- Interest + MI left
- $126,274
- First ends
- Aug 2051
Assumption
Assumption + second
$2,778/mo
+$1,152/mo- Down payment
- $43,558
- Funds due
- $55,991
- Interest + MI left
- $383,997
- First ends
- Aug 2051
New loan
New conventional
$3,095/mo
+$1,470/mo- Down payment
- $43,558
- Funds due
- $52,531
- Interest + MI left
- $582,197
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $226,942 | $226,942 | $383,942 |
| Second mortgage | — | $157,000 | — |
| First P&I | $1,083.49 | $1,083.49 | $2,658.34 |
| Second P&I | — | $1,152.01 | — |
| Mortgage insurance | $182.04 | $182.04 | $76.79 |
| Taxes, insurance & HOA | $360.17 | $360.17 | $360.17 |
| Total housing payment | $1,625.70 | $2,777.71 | $3,095.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,558
Closing costs & prepaids$12,434
Usable credit−$0
Total buyer cash needed$55,991
Earnest money paid−$0
Remaining funds due$55,991
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,275.00
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)$630.50
Prepaid interest, first (1 days)$18.65
Prepaid interest, second (1 days)$34.41
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 closing24 yr 9 moOf the original 30-year loan at 3.000%
Interest already paid$38,209Through Nov 2026
Assumption only · ends Aug 2051$126,274
Assumption + second · ends Aug 2051, second Dec 2056$383,997
New conventional · ends Dec 2056$582,197