Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,216/mo
Lowest payment- Down payment
- $285,386
- Funds due
- $301,240
- Interest + MI left
- $257,842
- First ends
- Aug 2050
Assumption
Assumption + second
$4,721/mo
+$1,504/mo- Down payment
- $75,386
- Funds due
- $92,757
- Interest + MI left
- $589,450
- First ends
- Aug 2050
New loan
New conventional
$5,214/mo
+$1,998/mo- Down payment
- $75,386
- Funds due
- $89,241
- Interest + MI left
- $984,935
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $463,614 | $463,614 | $673,614 |
| Second mortgage | — | $210,000 | — |
| First P&I | $2,317.90 | $2,317.90 | $4,563.30 |
| Second P&I | — | $1,504.47 | — |
| Mortgage insurance | $382.06 | $382.06 | $134.72 |
| Taxes, insurance & HOA | $516.25 | $516.25 | $516.25 |
| Total housing payment | $3,216.21 | $4,720.67 | $5,214.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,386
Closing costs & prepaids$17,371
Usable credit−$0
Total buyer cash needed$92,757
Earnest money paid−$0
Remaining funds due$92,757
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,490.00
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)$898.75
Prepaid interest, first (6 days)$240.06
Prepaid interest, second (6 days)$267.53
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$100,398Through Dec 2026
Assumption only · ends Aug 2050$257,842
Assumption + second · ends Aug 2050, second Jan 2057$589,450
New conventional · ends Jan 2057$984,935