Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,854/mo
Lowest payment- Down payment
- $428,930
- Funds due
- $443,029
- Interest + MI left
- $139,986
- First ends
- Aug 2050
Assumption
Assumption + second
$4,448/mo
+$2,593/mo- Down payment
- $66,930
- Funds due
- $82,740
- Interest + MI left
- $711,614
- First ends
- Aug 2050
New loan
New conventional
$4,633/mo
+$2,779/mo- Down payment
- $66,930
- Funds due
- $79,139
- Interest + MI left
- $880,326
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $240,070 | $240,070 | $602,070 |
| Second mortgage | — | $362,000 | — |
| First P&I | $1,222.83 | $1,222.83 | $4,078.63 |
| Second P&I | — | $2,593.41 | — |
| Mortgage insurance | $197.03 | $197.03 | $120.41 |
| Taxes, insurance & HOA | $434.25 | $434.25 | $434.25 |
| Total housing payment | $1,854.12 | $4,447.53 | $4,633.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$66,930
Closing costs & prepaids$15,810
Usable credit−$0
Total buyer cash needed$82,740
Earnest money paid−$0
Remaining funds due$82,740
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,690.00
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)$802.75
Prepaid interest, first (6 days)$131.41
Prepaid interest, second (6 days)$461.18
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 3.33%
Interest already paid$54,842Through Dec 2026
Assumption only · ends Aug 2050$139,986
Assumption + second · ends Aug 2050, second Jan 2057$711,614
New conventional · ends Jan 2057$880,326