Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,253/mo
Lowest payment- Down payment
- $224,752
- Funds due
- $237,189
- Interest + MI left
- $194,958
- First ends
- Aug 2049
Assumption
Assumption + second
$3,522/mo
+$1,269/mo- Down payment
- $51,752
- Funds due
- $65,667
- Interest + MI left
- $478,947
- First ends
- Aug 2049
New loan
New conventional
$3,603/mo
+$1,350/mo- Down payment
- $51,752
- Funds due
- $62,223
- Interest + MI left
- $677,199
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $290,148 | $290,148 | $463,148 |
| Second mortgage | — | $173,000 | — |
| First P&I | $1,639.78 | $1,639.78 | $3,137.53 |
| Second P&I | — | $1,269.41 | — |
| Mortgage insurance | $240.38 | $240.38 | $92.63 |
| Taxes, insurance & HOA | $372.67 | $372.67 | $372.67 |
| Total housing payment | $2,252.82 | $3,522.24 | $3,602.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,752
Closing costs & prepaids$13,915
Usable credit−$0
Total buyer cash needed$65,667
Earnest money paid−$0
Remaining funds due$65,667
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,149.00
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)$618.00
Prepaid interest, first (6 days)$195.55
Prepaid interest, second (6 days)$227.51
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 closing22 yr 8 moOf the original 30-year loan at 4.1%
Interest already paid$95,089Through Dec 2026
Assumption only · ends Aug 2049$194,958
Assumption + second · ends Aug 2049, second Jan 2057$478,947
New conventional · ends Jan 2057$677,199