Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$987/mo
Lowest payment- Down payment
- $311,601
- Funds due
- $322,646
- Interest + MI left
- $64,208
- First ends
- Jul 2050
Assumption
Assumption + second
$2,914/mo
+$1,927/mo- Down payment
- $42,601
- Funds due
- $55,239
- Interest + MI left
- $488,982
- First ends
- Jul 2050
New loan
New conventional
$2,987/mo
+$2,000/mo- Down payment
- $42,601
- Funds due
- $51,811
- Interest + MI left
- $559,131
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $113,399 | $113,399 | $382,399 |
| Second mortgage | — | $269,000 | — |
| First P&I | $573.02 | $573.02 | $2,590.50 |
| Second P&I | — | $1,927.15 | — |
| Mortgage insurance | $93.50 | $93.50 | $76.48 |
| Taxes, insurance & HOA | $320.00 | $320.00 | $320.00 |
| Total housing payment | $986.52 | $2,913.67 | $2,986.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,601
Closing costs & prepaids$12,638
Usable credit−$0
Total buyer cash needed$55,239
Earnest money paid−$0
Remaining funds due$55,239
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$510.00
Prepaid interest, first (6 days)$60.21
Prepaid interest, second (6 days)$342.70
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 3.23%
Interest already paid$25,522Through Dec 2026
Assumption only · ends Jul 2050$64,208
Assumption + second · ends Jul 2050, second Jan 2057$488,982
New conventional · ends Jan 2057$559,131