Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,097/mo
Lowest payment- Down payment
- $251,423
- Funds due
- $263,826
- Interest + MI left
- $172,369
- First ends
- Oct 2049
Assumption
Assumption + second
$3,550/mo
+$1,453/mo- Down payment
- $53,423
- Funds due
- $67,119
- Interest + MI left
- $497,396
- First ends
- Oct 2049
New loan
New conventional
$3,743/mo
+$1,645/mo- Down payment
- $53,423
- Funds due
- $63,559
- Interest + MI left
- $715,084
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $273,577 | $273,577 | $471,577 |
| Second mortgage | — | $198,000 | — |
| First P&I | $1,487.16 | $1,487.16 | $3,265.10 |
| Second P&I | — | $1,452.85 | — |
| Mortgage insurance | $226.90 | $226.90 | $94.32 |
| Taxes, insurance & HOA | $383.25 | $383.25 | $383.25 |
| Total housing payment | $2,097.32 | $3,550.17 | $3,742.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,423
Closing costs & prepaids$13,696
Usable credit−$0
Total buyer cash needed$67,119
Earnest money paid−$0
Remaining funds due$67,119
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,250.00
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)$649.75
Prepaid interest, first (1 days)$28.26
Prepaid interest, second (1 days)$43.40
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 3.770%
Interest already paid$79,650Through Nov 2026
Assumption only · ends Oct 2049$172,369
Assumption + second · ends Oct 2049, second Dec 2056$497,396
New conventional · ends Dec 2056$715,084