Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,091/mo
Lowest payment- Down payment
- $252,050
- Funds due
- $264,659
- Interest + MI left
- $171,359
- First ends
- Oct 2049
Assumption
Assumption + second
$3,551/mo
+$1,460/mo- Down payment
- $53,050
- Funds due
- $67,302
- Interest + MI left
- $498,028
- First ends
- Oct 2049
New loan
New conventional
$3,668/mo
+$1,577/mo- Down payment
- $53,050
- Funds due
- $63,910
- Interest + MI left
- $690,069
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $272,950 | $272,950 | $471,950 |
| Second mortgage | — | $199,000 | — |
| First P&I | $1,487.16 | $1,487.16 | $3,197.15 |
| Second P&I | — | $1,460.19 | — |
| Mortgage insurance | $226.90 | $226.90 | $94.39 |
| Taxes, insurance & HOA | $376.67 | $376.67 | $376.67 |
| Total housing payment | $2,090.74 | $3,550.93 | $3,668.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,050
Closing costs & prepaids$14,251
Usable credit−$0
Total buyer cash needed$67,302
Earnest money paid−$0
Remaining funds due$67,302
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,250.00
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)$630.00
Prepaid interest, first (9 days)$253.73
Prepaid interest, second (9 days)$392.55
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 10 moOf the original 30-year loan at 3.77%
Interest already paid$80,510Through Dec 2026
Assumption only · ends Oct 2049$171,359
Assumption + second · ends Oct 2049, second Jan 2057$498,028
New conventional · ends Jan 2057$690,069