Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,300/mo
Lowest payment- Down payment
- $139,140
- Funds due
- $150,961
- Interest + MI left
- $171,485
- First ends
- Aug 2050
Assumption
Assumption + second
$3,064/mo
+$764/mo- Down payment
- $44,140
- Funds due
- $57,234
- Interest + MI left
- $351,666
- First ends
- Aug 2050
New loan
New conventional
$3,360/mo
+$1,060/mo- Down payment
- $44,140
- Funds due
- $53,772
- Interest + MI left
- $600,348
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $300,860 | $300,860 | $395,860 |
| Second mortgage | — | $95,000 | — |
| First P&I | $1,513.18 | $1,513.18 | $2,740.85 |
| Second P&I | — | $764.39 | — |
| Mortgage insurance | $246.90 | $246.90 | $79.17 |
| Taxes, insurance & HOA | $539.50 | $539.50 | $539.50 |
| Total housing payment | $2,299.58 | $3,063.97 | $3,359.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,140
Closing costs & prepaids$13,094
Usable credit−$0
Total buyer cash needed$57,234
Earnest money paid−$0
Remaining funds due$57,234
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,400.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,168.50
Prepaid interest, first (1 days)$26.62
Prepaid interest, second (1 days)$23.42
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$65,778Through Nov 2026
Assumption only · ends Aug 2050$171,485
Assumption + second · ends Aug 2050, second Dec 2056$351,666
New conventional · ends Dec 2056$600,348