Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,455/mo
Lowest payment- Down payment
- $211,915
- Funds due
- $224,751
- Interest + MI left
- $209,126
- First ends
- Apr 2050
Assumption
Assumption + second
$3,600/mo
+$1,145/mo- Down payment
- $55,915
- Funds due
- $70,206
- Interest + MI left
- $465,208
- First ends
- Apr 2050
New loan
New conventional
$3,833/mo
+$1,378/mo- Down payment
- $55,915
- Funds due
- $66,774
- Interest + MI left
- $722,335
- 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 | $494,085 |
| Second mortgage | — | $156,000 | — |
| First P&I | $1,790.06 | $1,790.06 | $3,347.10 |
| Second P&I | — | $1,144.67 | — |
| Mortgage insurance | $278.20 | $278.20 | $98.82 |
| Taxes, insurance & HOA | $386.67 | $386.67 | $386.67 |
| Total housing payment | $2,454.93 | $3,599.60 | $3,832.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,915
Closing costs & prepaids$14,291
Usable credit−$0
Total buyer cash needed$70,206
Earnest money paid−$0
Remaining funds due$70,206
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,500.00
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)$660.00
Prepaid interest, first (6 days)$201.18
Prepaid interest, second (6 days)$205.15
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$465,208
New conventional · ends Jan 2057$722,335