Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,775/mo
Lowest payment- Down payment
- $333,627
- Funds due
- $346,272
- Interest + MI left
- $150,236
- First ends
- Feb 2050
Assumption
Assumption + second
$3,753/mo
+$1,977/mo- Down payment
- $57,627
- Funds due
- $71,639
- Interest + MI left
- $586,064
- First ends
- Feb 2050
New loan
New conventional
$3,976/mo
+$2,201/mo- Down payment
- $57,627
- Funds due
- $68,057
- Interest + MI left
- $784,631
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $241,373 | $241,373 | $517,373 |
| Second mortgage | — | $276,000 | — |
| First P&I | $1,286.06 | $1,286.06 | $3,582.19 |
| Second P&I | — | $1,977.30 | — |
| Mortgage insurance | $198.89 | $198.89 | $103.47 |
| Taxes, insurance & HOA | $290.42 | $290.42 | $290.42 |
| Total housing payment | $1,775.36 | $3,752.66 | $3,976.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,627
Closing costs & prepaids$14,012
Usable credit−$0
Total buyer cash needed$71,639
Earnest money paid−$0
Remaining funds due$71,639
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)$371.25
Prepaid interest, first (2 days)$48.41
Prepaid interest, second (2 days)$117.21
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 3.660%
Interest already paid$64,759Through Nov 2026
Assumption only · ends Feb 2050$150,236
Assumption + second · ends Feb 2050, second Dec 2056$586,064
New conventional · ends Dec 2056$784,631