Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,102/mo
Lowest payment- Down payment
- $257,677
- Funds due
- $270,220
- Interest + MI left
- $176,761
- First ends
- Jun 2050
Assumption
Assumption + second
$3,549/mo
+$1,447/mo- Down payment
- $55,677
- Funds due
- $69,513
- Interest + MI left
- $495,736
- First ends
- Jun 2050
New loan
New conventional
$3,864/mo
+$1,762/mo- Down payment
- $55,677
- Funds due
- $65,934
- Interest + MI left
- $748,059
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $291,323 | $291,323 | $493,323 |
| Second mortgage | — | $202,000 | — |
| First P&I | $1,513.46 | $1,513.46 | $3,415.67 |
| Second P&I | — | $1,447.15 | — |
| Mortgage insurance | $238.74 | $238.74 | $98.66 |
| Taxes, insurance & HOA | $349.75 | $349.75 | $349.75 |
| Total housing payment | $2,101.95 | $3,549.10 | $3,864.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,677
Closing costs & prepaids$13,835
Usable credit−$0
Total buyer cash needed$69,513
Earnest money paid−$0
Remaining funds due$69,513
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,490.00
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)$549.25
Prepaid interest, first (1 days)$27.94
Prepaid interest, second (1 days)$42.89
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 7 moOf the original 30-year loan at 3.500%
Interest already paid$70,818Through Nov 2026
Assumption only · ends Jun 2050$176,761
Assumption + second · ends Jun 2050, second Dec 2056$495,736
New conventional · ends Dec 2056$748,059