Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,017/mo
Lowest payment- Down payment
- $393,769
- Funds due
- $412,510
- Interest + MI left
- $294,961
- First ends
- Aug 2050
Assumption
Assumption + second
$6,180/mo
+$2,164/mo- Down payment
- $91,769
- Funds due
- $111,888
- Interest + MI left
- $771,844
- First ends
- Aug 2050
New loan
New conventional
$6,836/mo
+$2,819/mo- Down payment
- $91,769
- Funds due
- $108,035
- Interest + MI left
- $1,246,969
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $520,231 | $520,231 | $822,231 |
| Second mortgage | — | $302,000 | — |
| First P&I | $2,611.07 | $2,611.07 | $5,692.96 |
| Second P&I | — | $2,163.56 | — |
| Mortgage insurance | $427.13 | $427.13 | $164.45 |
| Taxes, insurance & HOA | $978.33 | $978.33 | $978.33 |
| Total housing payment | $4,016.53 | $6,180.10 | $6,835.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$91,769
Closing costs & prepaids$20,120
Usable credit−$0
Total buyer cash needed$111,888
Earnest money paid−$0
Remaining funds due$111,888
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$9,140.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$2,285.00
Prepaid interest, first (2 days)$91.50
Prepaid interest, second (2 days)$128.25
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 9 moOf the original 30-year loan at 3.210%
Interest already paid$113,062Through Nov 2026
Assumption only · ends Aug 2050$294,961
Assumption + second · ends Aug 2050, second Dec 2056$771,844
New conventional · ends Dec 2056$1,246,969