Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,443/mo
Lowest payment- Down payment
- $242,818
- Funds due
- $253,723
- Interest + MI left
- $121,126
- First ends
- Mar 2050
Assumption
Assumption + second
$2,896/mo
+$1,453/mo- Down payment
- $44,818
- Funds due
- $57,016
- Interest + MI left
- $446,154
- First ends
- Mar 2050
New loan
New conventional
$3,071/mo
+$1,627/mo- Down payment
- $44,818
- Funds due
- $53,536
- Interest + MI left
- $606,903
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $202,182 | $202,182 | $400,182 |
| Second mortgage | — | $198,000 | — |
| First P&I | $1,056.54 | $1,056.54 | $2,770.78 |
| Second P&I | — | $1,452.85 | — |
| Mortgage insurance | $166.87 | $166.87 | $80.04 |
| Taxes, insurance & HOA | $220.08 | $220.08 | $220.08 |
| Total housing payment | $1,443.50 | $2,896.35 | $3,070.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,818
Closing costs & prepaids$12,198
Usable credit−$0
Total buyer cash needed$57,016
Earnest money paid−$0
Remaining funds due$57,016
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,450.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$210.25
Prepaid interest, first (1 days)$19.33
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 closing23 yr 4 moOf the original 30-year loan at 3.490%
Interest already paid$51,125Through Nov 2026
Assumption only · ends Mar 2050$121,126
Assumption + second · ends Mar 2050, second Dec 2056$446,154
New conventional · ends Dec 2056$606,903