Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,432/mo
Lowest payment- Down payment
- $306,666
- Funds due
- $320,584
- Interest + MI left
- $199,334
- First ends
- Oct 2050
Assumption
Assumption + second
$4,158/mo
+$1,727/mo- Down payment
- $65,666
- Funds due
- $81,141
- Interest + MI left
- $579,893
- First ends
- Oct 2050
New loan
New conventional
$4,487/mo
+$2,055/mo- Down payment
- $65,666
- Funds due
- $77,629
- Interest + MI left
- $851,469
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $341,334 | $341,334 | $582,334 |
| Second mortgage | — | $241,000 | — |
| First P&I | $1,727.06 | $1,727.06 | $3,944.93 |
| Second P&I | — | $1,726.55 | — |
| Mortgage insurance | $278.98 | $278.98 | $116.47 |
| Taxes, insurance & HOA | $425.83 | $425.83 | $425.83 |
| Total housing payment | $2,431.87 | $4,158.42 | $4,487.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,666
Closing costs & prepaids$15,475
Usable credit−$0
Total buyer cash needed$81,141
Earnest money paid−$0
Remaining funds due$81,141
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,480.00
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)$777.50
Prepaid interest, first (6 days)$185.72
Prepaid interest, second (6 days)$307.03
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 10 moOf the original 30-year loan at 3.31%
Interest already paid$75,286Through Dec 2026
Assumption only · ends Oct 2050$199,334
Assumption + second · ends Oct 2050, second Jan 2057$579,893
New conventional · ends Jan 2057$851,469