Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,152/mo
Lowest payment- Down payment
- $226,405
- Funds due
- $239,124
- Interest + MI left
- $149,201
- First ends
- May 2050
Assumption
Assumption + second
$3,458/mo
+$1,306/mo- Down payment
- $48,405
- Funds due
- $62,413
- Interest + MI left
- $441,398
- First ends
- May 2050
New loan
New conventional
$3,696/mo
+$1,544/mo- Down payment
- $48,405
- Funds due
- $58,903
- Interest + MI left
- $646,875
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $248,595 | $248,595 | $426,595 |
| Second mortgage | — | $178,000 | — |
| First P&I | $1,290.49 | $1,290.49 | $2,953.66 |
| Second P&I | — | $1,306.10 | — |
| Mortgage insurance | $204.33 | $204.33 | $85.32 |
| Taxes, insurance & HOA | $656.83 | $656.83 | $656.83 |
| Total housing payment | $2,151.65 | $3,457.75 | $3,695.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,405
Closing costs & prepaids$14,008
Usable credit−$0
Total buyer cash needed$62,413
Earnest money paid−$0
Remaining funds due$62,413
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,750.00
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)$1,470.50
Prepaid interest, first (1 days)$23.63
Prepaid interest, second (1 days)$39.01
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 6 moOf the original 30-year loan at 3.470%
Interest already paid$60,793Through Nov 2026
Assumption only · ends May 2050$149,201
Assumption + second · ends May 2050, second Dec 2056$441,398
New conventional · ends Dec 2056$646,875