Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,042/mo
Lowest payment- Down payment
- $324,773
- Funds due
- $340,369
- Interest + MI left
- $252,394
- First ends
- Aug 2049
Assumption
Assumption + second
$4,847/mo
+$1,805/mo- Down payment
- $72,773
- Funds due
- $89,940
- Interest + MI left
- $650,323
- First ends
- Aug 2049
New loan
New conventional
$5,056/mo
+$2,014/mo- Down payment
- $72,773
- Funds due
- $86,360
- Interest + MI left
- $953,664
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $400,227 | $400,227 | $652,227 |
| Second mortgage | — | $252,000 | — |
| First P&I | $2,201.45 | $2,201.45 | $4,418.41 |
| Second P&I | — | $1,805.36 | — |
| Mortgage insurance | $333.84 | $333.84 | $130.45 |
| Taxes, insurance & HOA | $506.67 | $506.67 | $506.67 |
| Total housing payment | $3,041.96 | $4,847.32 | $5,055.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$72,773
Closing costs & prepaids$17,167
Usable credit−$0
Total buyer cash needed$89,940
Earnest money paid−$0
Remaining funds due$89,940
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,250.00
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)$870.00
Prepaid interest, first (6 days)$251.32
Prepaid interest, second (6 days)$321.04
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 closing22 yr 8 moOf the original 30-year loan at 3.82%
Interest already paid$122,649Through Dec 2026
Assumption only · ends Aug 2049$252,394
Assumption + second · ends Aug 2049, second Jan 2057$650,323
New conventional · ends Jan 2057$953,664