Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,703/mo
Lowest payment- Down payment
- $234,329
- Funds due
- $246,020
- Interest + MI left
- $132,225
- First ends
- Jun 2050
Assumption
Assumption + second
$3,083/mo
+$1,379/mo- Down payment
- $46,329
- Funds due
- $59,312
- Interest + MI left
- $440,837
- First ends
- Jun 2050
New loan
New conventional
$3,293/mo
+$1,590/mo- Down payment
- $46,329
- Funds due
- $55,819
- Interest + MI left
- $619,695
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $220,671 | $220,671 | $408,671 |
| Second mortgage | — | $188,000 | — |
| First P&I | $1,140.58 | $1,140.58 | $2,829.56 |
| Second P&I | — | $1,379.48 | — |
| Mortgage insurance | $181.04 | $181.04 | $81.73 |
| Taxes, insurance & HOA | $381.75 | $381.75 | $381.75 |
| Total housing payment | $1,703.37 | $3,082.85 | $3,293.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,329
Closing costs & prepaids$12,982
Usable credit−$0
Total buyer cash needed$59,312
Earnest money paid−$0
Remaining funds due$59,312
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,550.00
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)$645.25
Prepaid interest, first (1 days)$20.86
Prepaid interest, second (1 days)$41.21
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 7 moOf the original 30-year loan at 3.450%
Interest already paid$52,908Through Nov 2026
Assumption only · ends Jun 2050$132,225
Assumption + second · ends Jun 2050, second Dec 2056$440,837
New conventional · ends Dec 2056$619,695