Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,551/mo
Lowest payment- Down payment
- $243,287
- Funds due
- $254,670
- Interest + MI left
- $120,435
- First ends
- Mar 2050
Assumption
Assumption + second
$3,004/mo
+$1,453/mo- Down payment
- $45,287
- Funds due
- $58,310
- Interest + MI left
- $445,462
- First ends
- Mar 2050
New loan
New conventional
$3,116/mo
+$1,564/mo- Down payment
- $45,287
- Funds due
- $54,951
- Interest + MI left
- $584,367
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $201,713 | $201,713 | $399,713 |
| Second mortgage | — | $198,000 | — |
| First P&I | $1,056.54 | $1,056.54 | $2,707.80 |
| Second P&I | — | $1,452.85 | — |
| Mortgage insurance | $166.87 | $166.87 | $79.94 |
| Taxes, insurance & HOA | $328.00 | $328.00 | $328.00 |
| Total housing payment | $1,551.41 | $3,004.27 | $3,115.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,287
Closing costs & prepaids$13,023
Usable credit−$0
Total buyer cash needed$58,310
Earnest money paid−$0
Remaining funds due$58,310
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,450.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$534.00
Prepaid interest, first (9 days)$173.58
Prepaid interest, second (9 days)$390.58
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 closing23 yr 3 moOf the original 30-year loan at 3.49%
Interest already paid$51,713Through Dec 2026
Assumption only · ends Mar 2050$120,435
Assumption + second · ends Mar 2050, second Jan 2057$445,462
New conventional · ends Jan 2057$584,367