Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,703/mo
Lowest payment- Down payment
- $283,015
- Funds due
- $294,917
- Interest + MI left
- $120,238
- First ends
- Nov 2047
Assumption
Assumption + second
$3,380/mo
+$1,676/mo- Down payment
- $49,015
- Funds due
- $62,217
- Interest + MI left
- $489,743
- First ends
- Nov 2047
New loan
New conventional
$3,460/mo
+$1,756/mo- Down payment
- $49,015
- Funds due
- $58,694
- Interest + MI left
- $661,959
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $202,485 | $202,485 | $436,485 |
| Second mortgage | — | $234,000 | — |
| First P&I | $1,176.06 | $1,176.06 | $3,022.13 |
| Second P&I | — | $1,676.40 | — |
| Mortgage insurance | $177.05 | $177.05 | $87.30 |
| Taxes, insurance & HOA | $350.33 | $350.33 | $350.33 |
| Total housing payment | $1,703.44 | $3,379.85 | $3,459.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,015
Closing costs & prepaids$13,202
Usable credit−$0
Total buyer cash needed$62,217
Earnest money paid−$0
Remaining funds due$62,217
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,855.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$551.00
Prepaid interest, first (1 days)$21.52
Prepaid interest, second (1 days)$49.68
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 closing21 yrOf the original 30-year loan at 3.880%
Interest already paid$79,552Through Nov 2026
Assumption only · ends Nov 2047$120,238
Assumption + second · ends Nov 2047, second Dec 2056$489,743
New conventional · ends Dec 2056$661,959