Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,479/mo
Lowest payment- Down payment
- $332,117
- Funds due
- $348,954
- Interest + MI left
- $279,682
- First ends
- Aug 2050
Assumption
Assumption + second
$5,256/mo
+$1,777/mo- Down payment
- $84,117
- Funds due
- $102,520
- Interest + MI left
- $671,294
- First ends
- Aug 2050
New loan
New conventional
$5,788/mo
+$2,308/mo- Down payment
- $84,117
- Funds due
- $98,939
- Interest + MI left
- $1,097,915
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $502,883 | $502,883 | $750,883 |
| Second mortgage | — | $248,000 | — |
| First P&I | $2,514.23 | $2,514.23 | $5,086.74 |
| Second P&I | — | $1,776.70 | — |
| Mortgage insurance | $414.42 | $414.42 | $150.18 |
| Taxes, insurance & HOA | $550.67 | $550.67 | $550.67 |
| Total housing payment | $3,479.31 | $5,256.02 | $5,787.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$84,117
Closing costs & prepaids$18,403
Usable credit−$0
Total buyer cash needed$102,520
Earnest money paid−$0
Remaining funds due$102,520
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$8,350.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,002.00
Prepaid interest, first (6 days)$260.40
Prepaid interest, second (6 days)$315.95
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 8 moOf the original 30-year loan at 3.15%
Interest already paid$108,902Through Dec 2026
Assumption only · ends Aug 2050$279,682
Assumption + second · ends Aug 2050, second Jan 2057$671,294
New conventional · ends Jan 2057$1,097,915