Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,748/mo
Lowest payment- Down payment
- $385,505
- Funds due
- $398,816
- Interest + MI left
- $131,448
- First ends
- Jan 2050
Assumption
Assumption + second
$4,077/mo
+$2,328/mo- Down payment
- $60,505
- Funds due
- $75,204
- Interest + MI left
- $644,651
- First ends
- Jan 2050
New loan
New conventional
$4,274/mo
+$2,526/mo- Down payment
- $60,505
- Funds due
- $71,587
- Interest + MI left
- $818,180
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $214,495 | $214,495 | $539,495 |
| Second mortgage | — | $325,000 | — |
| First P&I | $1,139.75 | $1,139.75 | $3,735.35 |
| Second P&I | — | $2,328.34 | — |
| Mortgage insurance | $177.35 | $177.35 | $107.90 |
| Taxes, insurance & HOA | $431.17 | $431.17 | $431.17 |
| Total housing payment | $1,748.27 | $4,076.61 | $4,274.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,505
Closing costs & prepaids$14,699
Usable credit−$0
Total buyer cash needed$75,204
Earnest money paid−$0
Remaining funds due$75,204
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,000.00
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)$793.50
Prepaid interest, first (2 days)$42.43
Prepaid interest, second (2 days)$138.01
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 2 moOf the original 30-year loan at 3.610%
Interest already paid$57,574Through Nov 2026
Assumption only · ends Jan 2050$131,448
Assumption + second · ends Jan 2050, second Dec 2056$644,651
New conventional · ends Dec 2056$818,180