Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,969/mo
Lowest payment- Down payment
- $257,820
- Funds due
- $270,398
- Interest + MI left
- $143,682
- First ends
- Aug 2050
Assumption
Assumption + second
$3,444/mo
+$1,476/mo- Down payment
- $51,820
- Funds due
- $65,692
- Interest + MI left
- $468,973
- First ends
- Aug 2050
New loan
New conventional
$3,757/mo
+$1,789/mo- Down payment
- $51,820
- Funds due
- $62,150
- Interest + MI left
- $694,618
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $252,080 | $252,080 | $458,080 |
| Second mortgage | — | $206,000 | — |
| First P&I | $1,267.84 | $1,267.84 | $3,171.65 |
| Second P&I | — | $1,475.81 | — |
| Mortgage insurance | $206.87 | $206.87 | $91.62 |
| Taxes, insurance & HOA | $493.83 | $493.83 | $493.83 |
| Total housing payment | $1,968.54 | $3,444.35 | $3,757.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,820
Closing costs & prepaids$13,872
Usable credit−$0
Total buyer cash needed$65,692
Earnest money paid−$0
Remaining funds due$65,692
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,099.00
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)$981.50
Prepaid interest, first (1 days)$22.31
Prepaid interest, second (1 days)$43.74
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 3.230%
Interest already paid$55,113Through Nov 2026
Assumption only · ends Aug 2050$143,682
Assumption + second · ends Aug 2050, second Dec 2056$468,973
New conventional · ends Dec 2056$694,618