Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,654/mo
Lowest payment- Down payment
- $279,919
- Funds due
- $292,115
- Interest + MI left
- $119,693
- First ends
- Jul 2050
Assumption
Assumption + second
$3,316/mo
+$1,662/mo- Down payment
- $47,919
- Funds due
- $61,464
- Interest + MI left
- $486,041
- First ends
- Jul 2050
New loan
New conventional
$3,535/mo
+$1,881/mo- Down payment
- $47,919
- Funds due
- $57,973
- Interest + MI left
- $653,763
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $199,081 | $199,081 | $431,081 |
| Second mortgage | — | $232,000 | — |
| First P&I | $1,026.64 | $1,026.64 | $2,984.72 |
| Second P&I | — | $1,662.08 | — |
| Mortgage insurance | $162.96 | $162.96 | $86.22 |
| Taxes, insurance & HOA | $464.50 | $464.50 | $464.50 |
| Total housing payment | $1,654.10 | $3,316.17 | $3,535.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,919
Closing costs & prepaids$13,545
Usable credit−$0
Total buyer cash needed$61,464
Earnest money paid−$0
Remaining funds due$61,464
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,790.00
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)$893.50
Prepaid interest, first (2 days)$37.63
Prepaid interest, second (2 days)$98.52
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 8 moOf the original 30-year loan at 3.450%
Interest already paid$47,051Through Nov 2026
Assumption only · ends Jul 2050$119,693
Assumption + second · ends Jul 2050, second Dec 2056$486,041
New conventional · ends Dec 2056$653,763