Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,061/mo
Lowest payment- Down payment
- $333,549
- Funds due
- $346,912
- Interest + MI left
- $154,958
- First ends
- Jun 2049
Assumption
Assumption + second
$4,046/mo
+$1,984/mo- Down payment
- $56,549
- Funds due
- $71,280
- Interest + MI left
- $592,365
- First ends
- Jun 2049
New loan
New conventional
$4,165/mo
+$2,104/mo- Down payment
- $56,549
- Funds due
- $67,699
- Interest + MI left
- $763,417
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $226,451 | $226,451 | $503,451 |
| Second mortgage | — | $277,000 | — |
| First P&I | $1,294.99 | $1,294.99 | $3,485.79 |
| Second P&I | — | $1,984.46 | — |
| Mortgage insurance | $187.58 | $187.58 | $100.69 |
| Taxes, insurance & HOA | $578.67 | $578.67 | $578.67 |
| Total housing payment | $2,061.23 | $4,045.69 | $4,165.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,549
Closing costs & prepaids$14,731
Usable credit−$0
Total buyer cash needed$71,280
Earnest money paid−$0
Remaining funds due$71,280
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,600.00
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)$1,236.00
Prepaid interest, first (2 days)$52.11
Prepaid interest, second (2 days)$117.63
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 closing22 yr 7 moOf the original 30-year loan at 4.200%
Interest already paid$76,891Through Nov 2026
Assumption only · ends Jun 2049$154,958
Assumption + second · ends Jun 2049, second Dec 2056$592,365
New conventional · ends Dec 2056$763,417