Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,913/mo
Lowest payment- Down payment
- $184,345
- Funds due
- $197,695
- Interest + MI left
- $250,015
- First ends
- Jul 2050
Assumption
Assumption + second
$3,823/mo
+$910/mo- Down payment
- $60,345
- Funds due
- $74,999
- Interest + MI left
- $453,568
- First ends
- Jul 2050
New loan
New conventional
$4,257/mo
+$1,344/mo- Down payment
- $60,345
- Funds due
- $71,429
- Interest + MI left
- $810,733
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $410,655 | $410,655 | $534,655 |
| Second mortgage | — | $124,000 | — |
| First P&I | $2,128.58 | $2,128.58 | $3,701.84 |
| Second P&I | — | $909.87 | — |
| Mortgage insurance | $335.77 | $335.77 | $106.93 |
| Taxes, insurance & HOA | $448.67 | $448.67 | $448.67 |
| Total housing payment | $2,913.01 | $3,822.88 | $4,257.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,345
Closing costs & prepaids$14,654
Usable credit−$0
Total buyer cash needed$74,999
Earnest money paid−$0
Remaining funds due$74,999
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,950.00
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)$846.00
Prepaid interest, first (2 days)$78.76
Prepaid interest, second (2 days)$54.36
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 8 moOf the original 30-year loan at 3.500%
Interest already paid$98,403Through Nov 2026
Assumption only · ends Jul 2050$250,015
Assumption + second · ends Jul 2050, second Dec 2056$453,568
New conventional · ends Dec 2056$810,733