Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,882/mo
Lowest payment- Down payment
- $334,177
- Funds due
- $347,309
- Interest + MI left
- $149,377
- First ends
- Feb 2050
Assumption
Assumption + second
$3,859/mo
+$1,977/mo- Down payment
- $58,177
- Funds due
- $73,087
- Interest + MI left
- $585,204
- First ends
- Feb 2050
New loan
New conventional
$4,001/mo
+$2,120/mo- Down payment
- $58,177
- Funds due
- $69,625
- Interest + MI left
- $755,681
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $240,823 | $240,823 | $516,823 |
| Second mortgage | — | $276,000 | — |
| First P&I | $1,286.06 | $1,286.06 | $3,501.14 |
| Second P&I | — | $1,977.30 | — |
| Mortgage insurance | $198.89 | $198.89 | $103.36 |
| Taxes, insurance & HOA | $396.67 | $396.67 | $396.67 |
| Total housing payment | $1,881.61 | $3,858.91 | $4,001.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,177
Closing costs & prepaids$14,910
Usable credit−$0
Total buyer cash needed$73,087
Earnest money paid−$0
Remaining funds due$73,087
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,750.00
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)$690.00
Prepaid interest, first (9 days)$217.33
Prepaid interest, second (9 days)$527.42
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 3.66%
Interest already paid$65,496Through Dec 2026
Assumption only · ends Feb 2050$149,377
Assumption + second · ends Feb 2050, second Jan 2057$585,204
New conventional · ends Jan 2057$755,681