Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,917/mo
Lowest payment- Down payment
- $333,297
- Funds due
- $346,635
- Interest + MI left
- $130,255
- First ends
- Aug 2050
Assumption
Assumption + second
$3,894/mo
+$1,977/mo- Down payment
- $57,297
- Funds due
- $71,944
- Interest + MI left
- $566,082
- First ends
- Aug 2050
New loan
New conventional
$4,200/mo
+$2,283/mo- Down payment
- $57,297
- Funds due
- $68,346
- Interest + MI left
- $777,397
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $236,603 | $236,603 | $512,603 |
| Second mortgage | — | $276,000 | — |
| First P&I | $1,173.99 | $1,173.99 | $3,549.16 |
| Second P&I | — | $1,977.30 | — |
| Mortgage insurance | $194.74 | $194.74 | $102.52 |
| Taxes, insurance & HOA | $547.92 | $547.92 | $547.92 |
| Total housing payment | $1,916.64 | $3,893.94 | $4,199.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,297
Closing costs & prepaids$14,646
Usable credit−$0
Total buyer cash needed$71,944
Earnest money paid−$0
Remaining funds due$71,944
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,699.00
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)$1,143.75
Prepaid interest, first (1 days)$20.10
Prepaid interest, second (1 days)$58.60
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 9 moOf the original 30-year loan at 3.100%
Interest already paid$49,724Through Nov 2026
Assumption only · ends Aug 2050$130,255
Assumption + second · ends Aug 2050, second Dec 2056$566,082
New conventional · ends Dec 2056$777,397