Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,515/mo
Lowest payment- Down payment
- $360,915
- Funds due
- $375,419
- Interest + MI left
- $209,126
- First ends
- Apr 2050
Assumption
Assumption + second
$4,599/mo
+$2,085/mo- Down payment
- $69,915
- Funds due
- $86,040
- Interest + MI left
- $668,640
- First ends
- Apr 2050
New loan
New conventional
$4,834/mo
+$2,319/mo- Down payment
- $69,915
- Funds due
- $82,462
- Interest + MI left
- $919,826
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $338,085 | $338,085 | $629,085 |
| Second mortgage | — | $291,000 | — |
| First P&I | $1,790.06 | $1,790.06 | $4,261.64 |
| Second P&I | — | $2,084.76 | — |
| Mortgage insurance | $278.20 | $278.20 | $125.82 |
| Taxes, insurance & HOA | $446.25 | $446.25 | $446.25 |
| Total housing payment | $2,514.51 | $4,599.27 | $4,833.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$69,915
Closing costs & prepaids$16,126
Usable credit−$0
Total buyer cash needed$86,040
Earnest money paid−$0
Remaining funds due$86,040
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,990.00
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)$838.75
Prepaid interest, first (6 days)$201.18
Prepaid interest, second (6 days)$370.73
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 4 moOf the original 30-year loan at 3.62%
Interest already paid$88,535Through Dec 2026
Assumption only · ends Apr 2050$209,126
Assumption + second · ends Apr 2050, second Jan 2057$668,640
New conventional · ends Jan 2057$919,826