Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,889/mo
Lowest payment- Down payment
- $409,913
- Funds due
- $423,773
- Interest + MI left
- $149,746
- First ends
- Mar 2050
Assumption
Assumption + second
$4,361/mo
+$2,472/mo- Down payment
- $64,913
- Funds due
- $80,463
- Interest + MI left
- $694,530
- First ends
- Mar 2050
New loan
New conventional
$4,481/mo
+$2,592/mo- Down payment
- $64,913
- Funds due
- $76,866
- Interest + MI left
- $850,376
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $236,587 | $236,587 | $581,587 |
| Second mortgage | — | $345,000 | — |
| First P&I | $1,269.41 | $1,269.41 | $3,939.87 |
| Second P&I | — | $2,471.62 | — |
| Mortgage insurance | $194.63 | $194.63 | $116.32 |
| Taxes, insurance & HOA | $425.25 | $425.25 | $425.25 |
| Total housing payment | $1,889.29 | $4,360.91 | $4,481.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$64,913
Closing costs & prepaids$15,550
Usable credit−$0
Total buyer cash needed$80,463
Earnest money paid−$0
Remaining funds due$80,463
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,465.00
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)$775.75
Prepaid interest, first (6 days)$145.06
Prepaid interest, second (6 days)$439.52
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 3 moOf the original 30-year loan at 3.73%
Interest already paid$64,635Through Dec 2026
Assumption only · ends Mar 2050$149,746
Assumption + second · ends Mar 2050, second Jan 2057$694,530
New conventional · ends Jan 2057$850,376