Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,184/mo
Lowest payment- Down payment
- $313,352
- Funds due
- $328,617
- Interest + MI left
- $244,450
- First ends
- Sep 2049
Assumption
Assumption + second
$4,925/mo
+$1,741/mo- Down payment
- $70,352
- Funds due
- $86,918
- Interest + MI left
- $628,168
- First ends
- Sep 2049
New loan
New conventional
$5,235/mo
+$2,051/mo- Down payment
- $70,352
- Funds due
- $83,201
- Interest + MI left
- $954,904
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $386,648 | $386,648 | $629,648 |
| Second mortgage | — | $243,000 | — |
| First P&I | $2,112.86 | $2,112.86 | $4,359.56 |
| Second P&I | — | $1,740.88 | — |
| Mortgage insurance | $321.19 | $321.19 | $125.93 |
| Taxes, insurance & HOA | $750.00 | $750.00 | $750.00 |
| Total housing payment | $3,184.05 | $4,924.93 | $5,235.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,352
Closing costs & prepaids$16,567
Usable credit−$0
Total buyer cash needed$86,918
Earnest money paid−$0
Remaining funds due$86,918
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,000.00
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)$1,750.00
Prepaid interest, first (1 days)$40.25
Prepaid interest, second (1 days)$51.60
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 closing22 yr 10 moOf the original 30-year loan at 3.800%
Interest already paid$114,910Through Nov 2026
Assumption only · ends Sep 2049$244,450
Assumption + second · ends Sep 2049, second Dec 2056$628,168
New conventional · ends Dec 2056$954,904