Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,468/mo
Lowest payment- Down payment
- $237,611
- Funds due
- $250,834
- Interest + MI left
- $187,159
- First ends
- Nov 2049
Assumption
Assumption + second
$3,819/mo
+$1,350/mo- Down payment
- $53,611
- Funds due
- $68,165
- Interest + MI left
- $489,205
- First ends
- Nov 2049
New loan
New conventional
$4,042/mo
+$1,573/mo- Down payment
- $53,611
- Funds due
- $64,633
- Interest + MI left
- $730,059
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $297,389 | $297,389 | $481,389 |
| Second mortgage | — | $184,000 | — |
| First P&I | $1,609.73 | $1,609.73 | $3,333.04 |
| Second P&I | — | $1,350.13 | — |
| Mortgage insurance | $246.21 | $246.21 | $96.28 |
| Taxes, insurance & HOA | $612.50 | $612.50 | $612.50 |
| Total housing payment | $2,468.44 | $3,818.57 | $4,041.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,611
Closing costs & prepaids$14,554
Usable credit−$0
Total buyer cash needed$68,165
Earnest money paid−$0
Remaining funds due$68,165
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,350.00
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)$1,337.50
Prepaid interest, first (2 days)$61.11
Prepaid interest, second (2 days)$80.66
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 yrOf the original 30-year loan at 3.750%
Interest already paid$85,019Through Nov 2026
Assumption only · ends Nov 2049$187,159
Assumption + second · ends Nov 2049, second Dec 2056$489,205
New conventional · ends Dec 2056$730,059