Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,774/mo
Lowest payment- Down payment
- $220,665
- Funds due
- $232,258
- Interest + MI left
- $146,109
- First ends
- Aug 2050
Assumption
Assumption + second
$3,043/mo
+$1,269/mo- Down payment
- $47,665
- Funds due
- $60,546
- Interest + MI left
- $430,098
- First ends
- Aug 2050
New loan
New conventional
$3,326/mo
+$1,552/mo- Down payment
- $47,665
- Funds due
- $57,046
- Interest + MI left
- $648,067
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $254,325 | $254,325 | $427,325 |
| Second mortgage | — | $173,000 | — |
| First P&I | $1,283.12 | $1,283.12 | $2,958.71 |
| Second P&I | — | $1,269.41 | — |
| Mortgage insurance | $208.58 | $208.58 | $85.46 |
| Taxes, insurance & HOA | $282.00 | $282.00 | $282.00 |
| Total housing payment | $1,773.70 | $3,043.11 | $3,326.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,665
Closing costs & prepaids$12,882
Usable credit−$0
Total buyer cash needed$60,546
Earnest money paid−$0
Remaining funds due$60,546
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,749.90
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)$346.00
Prepaid interest, first (1 days)$22.72
Prepaid interest, second (1 days)$37.92
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 3.260%
Interest already paid$56,100Through Nov 2026
Assumption only · ends Aug 2050$146,109
Assumption + second · ends Aug 2050, second Dec 2056$430,098
New conventional · ends Dec 2056$648,067