Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,382/mo
Lowest payment- Down payment
- $484,759
- Funds due
- $501,038
- Interest + MI left
- $187,400
- First ends
- Feb 2050
Assumption
Assumption + second
$5,290/mo
+$2,909/mo- Down payment
- $78,759
- Funds due
- $97,064
- Interest + MI left
- $828,508
- First ends
- Feb 2050
New loan
New conventional
$5,449/mo
+$3,067/mo- Down payment
- $78,759
- Funds due
- $93,426
- Interest + MI left
- $1,031,179
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $299,241 | $299,241 | $705,241 |
| Second mortgage | — | $406,000 | — |
| First P&I | $1,604.41 | $1,604.41 | $4,777.55 |
| Second P&I | — | $2,908.63 | — |
| Mortgage insurance | $246.90 | $246.90 | $141.05 |
| Taxes, insurance & HOA | $530.25 | $530.25 | $530.25 |
| Total housing payment | $2,381.56 | $5,290.20 | $5,448.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$78,759
Closing costs & prepaids$18,305
Usable credit−$0
Total buyer cash needed$97,064
Earnest money paid−$0
Remaining funds due$97,064
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,840.00
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)$940.75
Prepaid interest, first (9 days)$273.01
Prepaid interest, second (9 days)$775.85
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 2 moOf the original 30-year loan at 3.7%
Interest already paid$82,232Through Dec 2026
Assumption only · ends Feb 2050$187,400
Assumption + second · ends Feb 2050, second Jan 2057$828,508
New conventional · ends Jan 2057$1,031,179