Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,885/mo
Lowest payment- Down payment
- $372,951
- Funds due
- $386,461
- Interest + MI left
- $136,926
- First ends
- Dec 2049
Assumption
Assumption + second
$4,127/mo
+$2,242/mo- Down payment
- $59,951
- Funds due
- $74,844
- Interest + MI left
- $631,180
- First ends
- Dec 2049
New loan
New conventional
$4,325/mo
+$2,440/mo- Down payment
- $59,951
- Funds due
- $71,234
- Interest + MI left
- $811,438
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $222,049 | $222,049 | $535,049 |
| Second mortgage | — | $313,000 | — |
| First P&I | $1,187.34 | $1,187.34 | $3,704.57 |
| Second P&I | — | $2,242.37 | — |
| Mortgage insurance | $183.85 | $183.85 | $107.01 |
| Taxes, insurance & HOA | $513.50 | $513.50 | $513.50 |
| Total housing payment | $1,884.68 | $4,127.05 | $4,325.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,951
Closing costs & prepaids$14,893
Usable credit−$0
Total buyer cash needed$74,844
Earnest money paid−$0
Remaining funds due$74,844
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,950.00
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)$1,040.50
Prepaid interest, first (2 days)$44.41
Prepaid interest, second (2 days)$132.92
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 closing23 yr 1 moOf the original 30-year loan at 3.650%
Interest already paid$61,047Through Nov 2026
Assumption only · ends Dec 2049$136,926
Assumption + second · ends Dec 2049, second Dec 2056$631,180
New conventional · ends Dec 2056$811,438