Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,981/mo
Lowest payment- Down payment
- $270,102
- Funds due
- $284,408
- Interest + MI left
- $243,917
- First ends
- Jul 2049
Assumption
Assumption + second
$4,471/mo
+$1,490/mo- Down payment
- $62,102
- Funds due
- $77,746
- Interest + MI left
- $572,366
- First ends
- Jul 2049
New loan
New conventional
$4,657/mo
+$1,676/mo- Down payment
- $62,102
- Funds due
- $74,131
- Interest + MI left
- $845,938
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $349,798 | $349,798 | $557,798 |
| Second mortgage | — | $208,000 | — |
| First P&I | $2,009.35 | $2,009.35 | $3,862.08 |
| Second P&I | — | $1,490.14 | — |
| Mortgage insurance | $288.63 | $288.63 | $111.56 |
| Taxes, insurance & HOA | $683.25 | $683.25 | $683.25 |
| Total housing payment | $2,981.23 | $4,471.37 | $4,656.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,102
Closing costs & prepaids$15,644
Usable credit−$0
Total buyer cash needed$77,746
Earnest money paid−$0
Remaining funds due$77,746
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,199.00
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)$1,549.75
Prepaid interest, first (2 days)$81.84
Prepaid interest, second (2 days)$88.33
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 closing22 yr 8 moOf the original 30-year loan at 4.270%
Interest already paid$119,137Through Nov 2026
Assumption only · ends Jul 2049$243,917
Assumption + second · ends Jul 2049, second Dec 2056$572,366
New conventional · ends Dec 2056$845,938