Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,872/mo
Lowest payment- Down payment
- $234,703
- Funds due
- $246,617
- Interest + MI left
- $154,578
- First ends
- Aug 2050
Assumption
Assumption + second
$3,222/mo
+$1,350/mo- Down payment
- $50,703
- Funds due
- $63,907
- Interest + MI left
- $456,624
- First ends
- Aug 2050
New loan
New conventional
$3,528/mo
+$1,656/mo- Down payment
- $50,703
- Funds due
- $60,379
- Interest + MI left
- $690,337
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $271,197 | $271,197 | $455,197 |
| Second mortgage | — | $184,000 | — |
| First P&I | $1,363.99 | $1,363.99 | $3,151.69 |
| Second P&I | — | $1,350.13 | — |
| Mortgage insurance | $222.56 | $222.56 | $91.04 |
| Taxes, insurance & HOA | $285.50 | $285.50 | $285.50 |
| Total housing payment | $1,872.05 | $3,222.18 | $3,528.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,703
Closing costs & prepaids$13,205
Usable credit−$0
Total buyer cash needed$63,907
Earnest money paid−$0
Remaining funds due$63,907
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,059.00
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)$356.50
Prepaid interest, first (1 days)$24.00
Prepaid interest, second (1 days)$40.33
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 closing23 yr 9 moOf the original 30-year loan at 3.230%
Interest already paid$59,293Through Nov 2026
Assumption only · ends Aug 2050$154,578
Assumption + second · ends Aug 2050, second Dec 2056$456,624
New conventional · ends Dec 2056$690,337