Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,532/mo
Lowest payment- Down payment
- $217,883
- Funds due
- $231,229
- Interest + MI left
- $187,564
- First ends
- Sep 2050
Assumption
Assumption + second
$3,728/mo
+$1,196/mo- Down payment
- $54,883
- Funds due
- $69,550
- Interest + MI left
- $455,137
- First ends
- Sep 2050
New loan
New conventional
$4,112/mo
+$1,581/mo- Down payment
- $54,883
- Funds due
- $66,020
- Interest + MI left
- $743,295
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $327,117 | $327,117 | $490,117 |
| Second mortgage | — | $163,000 | — |
| First P&I | $1,643.12 | $1,643.12 | $3,393.47 |
| Second P&I | — | $1,196.04 | — |
| Mortgage insurance | $267.77 | $267.77 | $98.02 |
| Taxes, insurance & HOA | $620.83 | $620.83 | $620.83 |
| Total housing payment | $2,531.72 | $3,727.76 | $4,112.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,883
Closing costs & prepaids$14,667
Usable credit−$0
Total buyer cash needed$69,550
Earnest money paid−$0
Remaining funds due$69,550
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,450.00
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)$1,362.50
Prepaid interest, first (2 days)$58.07
Prepaid interest, second (2 days)$71.45
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 3.240%
Interest already paid$70,681Through Nov 2026
Assumption only · ends Sep 2050$187,564
Assumption + second · ends Sep 2050, second Dec 2056$455,137
New conventional · ends Dec 2056$743,295