Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,879/mo
Lowest payment- Down payment
- $253,626
- Funds due
- $270,687
- Interest + MI left
- $286,122
- First ends
- Oct 2050
Assumption
Assumption + second
$5,163/mo
+$1,284/mo- Down payment
- $78,626
- Funds due
- $97,014
- Interest + MI left
- $573,394
- First ends
- Oct 2050
New loan
New conventional
$5,863/mo
+$1,984/mo- Down payment
- $78,626
- Funds due
- $93,299
- Interest + MI left
- $1,063,605
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $526,324 | $526,324 | $701,324 |
| Second mortgage | — | $175,000 | — |
| First P&I | $2,580.15 | $2,580.15 | $4,855.83 |
| Second P&I | — | $1,284.09 | — |
| Mortgage insurance | $431.83 | $431.83 | $140.26 |
| Taxes, insurance & HOA | $866.67 | $866.67 | $866.67 |
| Total housing payment | $3,878.64 | $5,162.73 | $5,862.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$78,626
Closing costs & prepaids$18,389
Usable credit−$0
Total buyer cash needed$97,014
Earnest money paid−$0
Remaining funds due$97,014
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,799.50
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)$1,950.00
Prepaid interest, first (2 days)$87.38
Prepaid interest, second (2 days)$76.71
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 11 moOf the original 30-year loan at 3.030%
Interest already paid$105,034Through Nov 2026
Assumption only · ends Oct 2050$286,122
Assumption + second · ends Oct 2050, second Dec 2056$573,394
New conventional · ends Dec 2056$1,063,605