Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,836/mo
Lowest payment- Down payment
- $292,728
- Funds due
- $304,899
- Interest + MI left
- $161,922
- First ends
- Mar 2049
Assumption
Assumption + second
$3,563/mo
+$1,727/mo- Down payment
- $51,728
- Funds due
- $65,251
- Interest + MI left
- $542,482
- First ends
- Mar 2049
New loan
New conventional
$3,630/mo
+$1,794/mo- Down payment
- $51,728
- Funds due
- $61,714
- Interest + MI left
- $702,583
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $222,272 | $222,272 | $463,272 |
| Second mortgage | — | $241,000 | — |
| First P&I | $1,322.38 | $1,322.38 | $3,207.60 |
| Second P&I | — | $1,726.55 | — |
| Mortgage insurance | $183.79 | $183.79 | $92.65 |
| Taxes, insurance & HOA | $330.17 | $330.17 | $330.17 |
| Total housing payment | $1,836.33 | $3,562.88 | $3,630.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,728
Closing costs & prepaids$13,523
Usable credit−$0
Total buyer cash needed$65,251
Earnest money paid−$0
Remaining funds due$65,251
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,150.00
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)$490.50
Prepaid interest, first (2 days)$55.42
Prepaid interest, second (2 days)$102.34
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 closing22 yr 4 moOf the original 30-year loan at 4.550%
Interest already paid$84,469Through Nov 2026
Assumption only · ends Mar 2049$161,922
Assumption + second · ends Mar 2049, second Dec 2056$542,482
New conventional · ends Dec 2056$702,583