Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,918/mo
Lowest payment- Down payment
- $266,095
- Funds due
- $280,456
- Interest + MI left
- $229,871
- First ends
- Feb 2050
Assumption
Assumption + second
$4,372/mo
+$1,454/mo- Down payment
- $63,095
- Funds due
- $78,793
- Interest + MI left
- $550,425
- First ends
- Feb 2050
New loan
New conventional
$4,690/mo
+$1,773/mo- Down payment
- $63,095
- Funds due
- $75,179
- Interest + MI left
- $852,167
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $358,905 | $358,905 | $561,905 |
| Second mortgage | — | $203,000 | — |
| First P&I | $1,935.33 | $1,935.33 | $3,890.52 |
| Second P&I | — | $1,454.32 | — |
| Mortgage insurance | $294.92 | $294.92 | $112.38 |
| Taxes, insurance & HOA | $687.50 | $687.50 | $687.50 |
| Total housing payment | $2,917.75 | $4,372.07 | $4,690.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,095
Closing costs & prepaids$15,698
Usable credit−$0
Total buyer cash needed$78,793
Earnest money paid−$0
Remaining funds due$78,793
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,250.00
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)$1,562.50
Prepaid interest, first (2 days)$74.34
Prepaid interest, second (2 days)$86.21
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 3 moOf the original 30-year loan at 3.780%
Interest already paid$99,306Through Nov 2026
Assumption only · ends Feb 2050$229,871
Assumption + second · ends Feb 2050, second Dec 2056$550,425
New conventional · ends Dec 2056$852,167