Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,087/mo
Lowest payment- Down payment
- $293,512
- Funds due
- $308,684
- Interest + MI left
- $231,194
- First ends
- Jul 2050
Assumption
Assumption + second
$4,691/mo
+$1,605/mo- Down payment
- $69,512
- Funds due
- $86,029
- Interest + MI left
- $584,909
- First ends
- Jul 2050
New loan
New conventional
$5,162/mo
+$2,075/mo- Down payment
- $69,512
- Funds due
- $82,368
- Interest + MI left
- $941,012
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $396,488 | $396,488 | $620,488 |
| Second mortgage | — | $224,000 | — |
| First P&I | $2,019.57 | $2,019.57 | $4,296.13 |
| Second P&I | — | $1,604.76 | — |
| Mortgage insurance | $325.41 | $325.41 | $124.10 |
| Taxes, insurance & HOA | $741.67 | $741.67 | $741.67 |
| Total housing payment | $3,086.65 | $4,691.41 | $5,161.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$69,512
Closing costs & prepaids$16,517
Usable credit−$0
Total buyer cash needed$86,029
Earnest money paid−$0
Remaining funds due$86,029
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,900.00
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)$1,725.00
Prepaid interest, first (2 days)$72.35
Prepaid interest, second (2 days)$95.12
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 8 moOf the original 30-year loan at 3.330%
Interest already paid$90,574Through Nov 2026
Assumption only · ends Jul 2050$231,194
Assumption + second · ends Jul 2050, second Dec 2056$584,909
New conventional · ends Dec 2056$941,012