Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,680/mo
Lowest payment- Down payment
- $238,695
- Funds due
- $250,548
- Interest + MI left
- $124,990
- First ends
- Oct 2050
Assumption
Assumption + second
$3,082/mo
+$1,401/mo- Down payment
- $47,695
- Funds due
- $61,050
- Interest + MI left
- $438,527
- First ends
- Oct 2050
New loan
New conventional
$3,300/mo
+$1,620/mo- Down payment
- $47,695
- Funds due
- $57,655
- Interest + MI left
- $617,480
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $231,305 | $231,305 | $422,305 |
| Second mortgage | — | $191,000 | — |
| First P&I | $1,135.41 | $1,135.41 | $2,860.84 |
| Second P&I | — | $1,401.49 | — |
| Mortgage insurance | $190.27 | $190.27 | $84.46 |
| Taxes, insurance & HOA | $354.67 | $354.67 | $354.67 |
| Total housing payment | $1,680.35 | $3,081.84 | $3,299.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,695
Closing costs & prepaids$13,355
Usable credit−$0
Total buyer cash needed$61,050
Earnest money paid−$0
Remaining funds due$61,050
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,700.00
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)$564.00
Prepaid interest, first (6 days)$114.83
Prepaid interest, second (6 days)$251.18
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 3.02%
Interest already paid$46,706Through Dec 2026
Assumption only · ends Oct 2050$124,990
Assumption + second · ends Oct 2050, second Jan 2057$438,527
New conventional · ends Jan 2057$617,480