Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,952/mo
Lowest payment- Down payment
- $288,866
- Funds due
- $301,426
- Interest + MI left
- $164,674
- First ends
- Mar 2050
Assumption
Assumption + second
$3,622/mo
+$1,669/mo- Down payment
- $55,866
- Funds due
- $69,775
- Interest + MI left
- $532,600
- First ends
- Mar 2050
New loan
New conventional
$3,864/mo
+$1,912/mo- Down payment
- $55,866
- Funds due
- $66,215
- Interest + MI left
- $749,289
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $261,134 | $261,134 | $494,134 |
| Second mortgage | — | $233,000 | — |
| First P&I | $1,393.77 | $1,393.77 | $3,421.28 |
| Second P&I | — | $1,669.24 | — |
| Mortgage insurance | $214.49 | $214.49 | $98.83 |
| Taxes, insurance & HOA | $344.00 | $344.00 | $344.00 |
| Total housing payment | $1,952.26 | $3,621.50 | $3,864.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,866
Closing costs & prepaids$13,909
Usable credit−$0
Total buyer cash needed$69,775
Earnest money paid−$0
Remaining funds due$69,775
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,500.00
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)$532.00
Prepaid interest, first (2 days)$52.94
Prepaid interest, second (2 days)$98.95
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 4 moOf the original 30-year loan at 3.700%
Interest already paid$69,828Through Nov 2026
Assumption only · ends Mar 2050$164,674
Assumption + second · ends Mar 2050, second Dec 2056$532,600
New conventional · ends Dec 2056$749,289