Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,452/mo
Lowest payment- Down payment
- $207,333
- Funds due
- $220,224
- Interest + MI left
- $201,528
- First ends
- Jul 2050
Assumption
Assumption + second
$3,560/mo
+$1,108/mo- Down payment
- $56,333
- Funds due
- $70,672
- Interest + MI left
- $449,402
- First ends
- Jul 2050
New loan
New conventional
$3,873/mo
+$1,421/mo- Down payment
- $56,333
- Funds due
- $67,260
- Interest + MI left
- $730,450
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $348,567 | $348,567 | $499,567 |
| Second mortgage | — | $151,000 | — |
| First P&I | $1,775.95 | $1,775.95 | $3,384.24 |
| Second P&I | — | $1,107.98 | — |
| Mortgage insurance | $286.88 | $286.88 | $99.91 |
| Taxes, insurance & HOA | $389.00 | $389.00 | $389.00 |
| Total housing payment | $2,451.82 | $3,559.81 | $3,873.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,333
Closing costs & prepaids$14,339
Usable credit−$0
Total buyer cash needed$70,672
Earnest money paid−$0
Remaining funds due$70,672
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,559.00
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)$667.00
Prepaid interest, first (6 days)$189.66
Prepaid interest, second (6 days)$198.58
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 7 moOf the original 30-year loan at 3.31%
Interest already paid$80,315Through Dec 2026
Assumption only · ends Jul 2050$201,528
Assumption + second · ends Jul 2050, second Jan 2057$449,402
New conventional · ends Jan 2057$730,450