Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,538/mo
Lowest payment- Down payment
- $335,011
- Funds due
- $349,383
- Interest + MI left
- $208,705
- First ends
- Jun 2050
Assumption
Assumption + second
$4,444/mo
+$1,906/mo- Down payment
- $69,011
- Funds due
- $85,029
- Interest + MI left
- $628,741
- First ends
- Jun 2050
New loan
New conventional
$4,733/mo
+$2,195/mo- Down payment
- $69,011
- Funds due
- $81,510
- Interest + MI left
- $899,947
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $349,489 | $349,489 | $615,489 |
| Second mortgage | — | $266,000 | — |
| First P&I | $1,810.55 | $1,810.55 | $4,169.54 |
| Second P&I | — | $1,905.66 | — |
| Mortgage insurance | $287.38 | $287.38 | $123.10 |
| Taxes, insurance & HOA | $440.50 | $440.50 | $440.50 |
| Total housing payment | $2,538.44 | $4,444.10 | $4,733.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$69,011
Closing costs & prepaids$16,018
Usable credit−$0
Total buyer cash needed$85,029
Earnest money paid−$0
Remaining funds due$85,029
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,845.00
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)$821.50
Prepaid interest, first (7 days)$231.24
Prepaid interest, second (7 days)$395.36
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 6 moOf the original 30-year loan at 3.45%
Interest already paid$84,994Through Dec 2026
Assumption only · ends Jun 2050$208,705
Assumption + second · ends Jun 2050, second Jan 2057$628,741
New conventional · ends Jan 2057$899,947