Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,883/mo
Lowest payment- Down payment
- $183,392
- Funds due
- $196,868
- Interest + MI left
- $240,145
- First ends
- Aug 2050
Assumption
Assumption + second
$3,778/mo
+$895/mo- Down payment
- $61,392
- Funds due
- $76,278
- Interest + MI left
- $440,415
- First ends
- Aug 2050
New loan
New conventional
$4,200/mo
+$1,317/mo- Down payment
- $61,392
- Funds due
- $72,871
- Interest + MI left
- $794,845
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $421,608 | $421,608 | $543,608 |
| Second mortgage | — | $122,000 | — |
| First P&I | $2,127.65 | $2,127.65 | $3,682.59 |
| Second P&I | — | $895.19 | — |
| Mortgage insurance | $346.73 | $346.73 | $108.72 |
| Taxes, insurance & HOA | $408.67 | $408.67 | $408.67 |
| Total housing payment | $2,883.05 | $3,778.24 | $4,199.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$61,392
Closing costs & prepaids$14,886
Usable credit−$0
Total buyer cash needed$76,278
Earnest money paid−$0
Remaining funds due$76,278
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,050.00
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)$726.00
Prepaid interest, first (6 days)$224.55
Prepaid interest, second (6 days)$160.44
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 3.24%
Interest already paid$93,809Through Dec 2026
Assumption only · ends Aug 2050$240,145
Assumption + second · ends Aug 2050, second Jan 2057$440,415
New conventional · ends Jan 2057$794,845