Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,636/mo
Lowest payment- Down payment
- $255,962
- Funds due
- $267,531
- Interest + MI left
- $136,125
- First ends
- Oct 2049
Assumption
Assumption + second
$3,126/mo
+$1,490/mo- Down payment
- $47,962
- Funds due
- $60,825
- Interest + MI left
- $464,575
- First ends
- Oct 2049
New loan
New conventional
$3,297/mo
+$1,661/mo- Down payment
- $47,962
- Funds due
- $57,314
- Interest + MI left
- $639,965
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $214,038 | $214,038 | $422,038 |
| Second mortgage | — | $208,000 | — |
| First P&I | $1,168.09 | $1,168.09 | $2,922.11 |
| Second P&I | — | $1,490.14 | — |
| Mortgage insurance | $177.35 | $177.35 | $84.41 |
| Taxes, insurance & HOA | $290.50 | $290.50 | $290.50 |
| Total housing payment | $1,635.95 | $3,126.09 | $3,297.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,962
Closing costs & prepaids$12,863
Usable credit−$0
Total buyer cash needed$60,825
Earnest money paid−$0
Remaining funds due$60,825
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,700.00
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)$371.50
Prepaid interest, first (1 days)$22.34
Prepaid interest, second (1 days)$44.16
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 11 moOf the original 30-year loan at 3.810%
Interest already paid$62,945Through Nov 2026
Assumption only · ends Oct 2049$136,125
Assumption + second · ends Oct 2049, second Dec 2056$464,575
New conventional · ends Dec 2056$639,965