Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,496/mo
Lowest payment- Down payment
- $331,745
- Funds due
- $343,871
- Interest + MI left
- $125,977
- First ends
- May 2050
Assumption
Assumption + second
$3,488/mo
+$1,992/mo- Down payment
- $53,745
- Funds due
- $67,180
- Interest + MI left
- $564,963
- First ends
- May 2050
New loan
New conventional
$3,689/mo
+$2,193/mo- Down payment
- $53,745
- Funds due
- $63,612
- Interest + MI left
- $729,856
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $203,255 | $203,255 | $481,255 |
| Second mortgage | — | $278,000 | — |
| First P&I | $1,069.15 | $1,069.15 | $3,332.11 |
| Second P&I | — | $1,991.63 | — |
| Mortgage insurance | $166.57 | $166.57 | $96.25 |
| Taxes, insurance & HOA | $260.50 | $260.50 | $260.50 |
| Total housing payment | $1,496.22 | $3,487.85 | $3,688.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,745
Closing costs & prepaids$13,436
Usable credit−$0
Total buyer cash needed$67,180
Earnest money paid−$0
Remaining funds due$67,180
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,350.00
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)$281.50
Prepaid interest, first (1 days)$20.05
Prepaid interest, second (1 days)$59.03
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 6 moOf the original 30-year loan at 3.600%
Interest already paid$51,488Through Nov 2026
Assumption only · ends May 2050$125,977
Assumption + second · ends May 2050, second Dec 2056$564,963
New conventional · ends Dec 2056$729,856