Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,328/mo
Lowest payment- Down payment
- $481,502
- Funds due
- $497,783
- Interest + MI left
- $167,459
- First ends
- Dec 2050
Assumption
Assumption + second
$5,222/mo
+$2,894/mo- Down payment
- $77,502
- Funds due
- $95,204
- Interest + MI left
- $805,409
- First ends
- Dec 2050
New loan
New conventional
$5,596/mo
+$3,268/mo- Down payment
- $77,502
- Funds due
- $91,438
- Interest + MI left
- $1,054,770
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $291,498 | $291,498 | $695,498 |
| Second mortgage | — | $404,000 | — |
| First P&I | $1,449.54 | $1,449.54 | $4,815.49 |
| Second P&I | — | $2,894.31 | — |
| Mortgage insurance | $237.12 | $237.12 | $139.10 |
| Taxes, insurance & HOA | $641.33 | $641.33 | $641.33 |
| Total housing payment | $2,328.00 | $5,222.30 | $5,595.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$77,502
Closing costs & prepaids$17,702
Usable credit−$0
Total buyer cash needed$95,204
Earnest money paid−$0
Remaining funds due$95,204
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,730.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,274.00
Prepaid interest, first (2 days)$51.27
Prepaid interest, second (2 days)$171.56
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 closing24 yr 1 moOf the original 30-year loan at 3.210%
Interest already paid$59,658Through Nov 2026
Assumption only · ends Dec 2050$167,459
Assumption + second · ends Dec 2050, second Dec 2056$805,409
New conventional · ends Dec 2056$1,054,770