Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,138/mo
Lowest payment- Down payment
- $258,341
- Funds due
- $271,216
- Interest + MI left
- $175,759
- First ends
- Jun 2050
Assumption
Assumption + second
$3,593/mo
+$1,454/mo- Down payment
- $55,341
- Funds due
- $69,854
- Interest + MI left
- $496,313
- First ends
- Jun 2050
New loan
New conventional
$3,829/mo
+$1,691/mo- Down payment
- $55,341
- Funds due
- $66,485
- Interest + MI left
- $721,811
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $290,659 | $290,659 | $493,659 |
| Second mortgage | — | $203,000 | — |
| First P&I | $1,513.46 | $1,513.46 | $3,344.22 |
| Second P&I | — | $1,454.32 | — |
| Mortgage insurance | $238.74 | $238.74 | $98.73 |
| Taxes, insurance & HOA | $386.25 | $386.25 | $386.25 |
| Total housing payment | $2,138.45 | $3,592.77 | $3,829.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,341
Closing costs & prepaids$14,513
Usable credit−$0
Total buyer cash needed$69,854
Earnest money paid−$0
Remaining funds due$69,854
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,490.00
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)$658.75
Prepaid interest, first (9 days)$250.84
Prepaid interest, second (9 days)$387.92
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 6 moOf the original 30-year loan at 3.5%
Interest already paid$71,668Through Dec 2026
Assumption only · ends Jun 2050$175,759
Assumption + second · ends Jun 2050, second Jan 2057$496,313
New conventional · ends Jan 2057$721,811