Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,473/mo
Lowest payment- Down payment
- $239,676
- Funds due
- $253,413
- Interest + MI left
- $160,310
- First ends
- Sep 2050
Assumption
Assumption + second
$3,846/mo
+$1,372/mo- Down payment
- $52,676
- Funds due
- $67,745
- Interest + MI left
- $467,281
- First ends
- Sep 2050
New loan
New conventional
$4,166/mo
+$1,693/mo- Down payment
- $52,676
- Funds due
- $64,226
- Interest + MI left
- $708,635
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $280,324 | $280,324 | $467,324 |
| Second mortgage | — | $187,000 | — |
| First P&I | $1,406.61 | $1,406.61 | $3,235.66 |
| Second P&I | — | $1,372.14 | — |
| Mortgage insurance | $229.52 | $229.52 | $93.46 |
| Taxes, insurance & HOA | $837.33 | $837.33 | $837.33 |
| Total housing payment | $2,473.46 | $3,845.60 | $4,166.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,676
Closing costs & prepaids$15,069
Usable credit−$0
Total buyer cash needed$67,745
Earnest money paid−$0
Remaining funds due$67,745
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,200.00
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)$2,012.00
Prepaid interest, first (2 days)$49.61
Prepaid interest, second (2 days)$81.97
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 10 moOf the original 30-year loan at 3.230%
Interest already paid$60,391Through Nov 2026
Assumption only · ends Sep 2050$160,310
Assumption + second · ends Sep 2050, second Dec 2056$467,281
New conventional · ends Dec 2056$708,635