Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,045/mo
Lowest payment- Down payment
- $210,039
- Funds due
- $222,410
- Interest + MI left
- $140,931
- First ends
- Oct 2050
Assumption
Assumption + second
$3,241/mo
+$1,196/mo- Down payment
- $47,039
- Funds due
- $60,696
- Interest + MI left
- $408,504
- First ends
- Oct 2050
New loan
New conventional
$3,571/mo
+$1,527/mo- Down payment
- $47,039
- Funds due
- $57,204
- Interest + MI left
- $641,449
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $259,961 | $259,961 | $422,961 |
| Second mortgage | — | $163,000 | — |
| First P&I | $1,273.04 | $1,273.04 | $2,928.50 |
| Second P&I | — | $1,196.04 | — |
| Mortgage insurance | $213.34 | $213.34 | $84.59 |
| Taxes, insurance & HOA | $558.33 | $558.33 | $558.33 |
| Total housing payment | $2,044.71 | $3,240.74 | $3,571.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,039
Closing costs & prepaids$13,657
Usable credit−$0
Total buyer cash needed$60,696
Earnest money paid−$0
Remaining funds due$60,696
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,700.00
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)$1,175.00
Prepaid interest, first (1 days)$21.51
Prepaid interest, second (1 days)$35.73
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 11 moOf the original 30-year loan at 3.020%
Interest already paid$51,713Through Nov 2026
Assumption only · ends Oct 2050$140,931
Assumption + second · ends Oct 2050, second Dec 2056$408,504
New conventional · ends Dec 2056$641,449