Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,293/mo
Lowest payment- Down payment
- $484,080
- Funds due
- $499,851
- Interest + MI left
- $188,478
- First ends
- Feb 2050
Assumption
Assumption + second
$5,195/mo
+$2,901/mo- Down payment
- $79,080
- Funds due
- $96,187
- Interest + MI left
- $828,008
- First ends
- Feb 2050
New loan
New conventional
$5,464/mo
+$3,170/mo- Down payment
- $79,080
- Funds due
- $92,373
- Interest + MI left
- $1,069,059
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $299,920 | $299,920 | $704,920 |
| Second mortgage | — | $405,000 | — |
| First P&I | $1,604.41 | $1,604.41 | $4,880.72 |
| Second P&I | — | $2,901.47 | — |
| Mortgage insurance | $246.90 | $246.90 | $140.98 |
| Taxes, insurance & HOA | $441.92 | $441.92 | $441.92 |
| Total housing payment | $2,293.23 | $5,194.70 | $5,463.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$79,080
Closing costs & prepaids$17,107
Usable credit−$0
Total buyer cash needed$96,187
Earnest money paid−$0
Remaining funds due$96,187
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,840.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$675.75
Prepaid interest, first (1 days)$30.40
Prepaid interest, second (1 days)$85.99
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 3 moOf the original 30-year loan at 3.700%
Interest already paid$81,307Through Nov 2026
Assumption only · ends Feb 2050$188,478
Assumption + second · ends Feb 2050, second Dec 2056$828,008
New conventional · ends Dec 2056$1,069,059