Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,844/mo
Lowest payment- Down payment
- $211,257
- Funds due
- $223,144
- Interest + MI left
- $145,285
- First ends
- Aug 2050
Assumption
Assumption + second
$3,048/mo
+$1,203/mo- Down payment
- $47,257
- Funds due
- $60,717
- Interest + MI left
- $414,500
- First ends
- Aug 2050
New loan
New conventional
$3,266/mo
+$1,422/mo- Down payment
- $47,257
- Funds due
- $57,407
- Interest + MI left
- $610,711
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $253,733 | $253,733 | $417,733 |
| Second mortgage | — | $164,000 | — |
| First P&I | $1,283.12 | $1,283.12 | $2,829.87 |
| Second P&I | — | $1,203.37 | — |
| Mortgage insurance | $208.58 | $208.58 | $83.55 |
| Taxes, insurance & HOA | $352.67 | $352.67 | $352.67 |
| Total housing payment | $1,844.36 | $3,047.74 | $3,266.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,257
Closing costs & prepaids$13,460
Usable credit−$0
Total buyer cash needed$60,717
Earnest money paid−$0
Remaining funds due$60,717
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,649.90
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)$558.00
Prepaid interest, first (9 days)$203.96
Prepaid interest, second (9 days)$323.51
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 8 moOf the original 30-year loan at 3.26%
Interest already paid$56,791Through Dec 2026
Assumption only · ends Aug 2050$145,285
Assumption + second · ends Aug 2050, second Jan 2057$414,500
New conventional · ends Jan 2057$610,711