Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,065/mo
Lowest payment- Down payment
- $226,976
- Funds due
- $239,507
- Interest + MI left
- $148,354
- First ends
- May 2050
Assumption
Assumption + second
$3,379/mo
+$1,313/mo- Down payment
- $47,976
- Funds due
- $61,914
- Interest + MI left
- $442,191
- First ends
- May 2050
New loan
New conventional
$3,528/mo
+$1,463/mo- Down payment
- $47,976
- Funds due
- $58,465
- Interest + MI left
- $617,025
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $248,024 | $248,024 | $427,024 |
| Second mortgage | — | $179,000 | — |
| First P&I | $1,290.49 | $1,290.49 | $2,872.62 |
| Second P&I | — | $1,313.44 | — |
| Mortgage insurance | $204.33 | $204.33 | $85.40 |
| Taxes, insurance & HOA | $570.42 | $570.42 | $570.42 |
| Total housing payment | $2,065.24 | $3,378.67 | $3,528.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,976
Closing costs & prepaids$13,937
Usable credit−$0
Total buyer cash needed$61,914
Earnest money paid−$0
Remaining funds due$61,914
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,750.00
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)$1,211.25
Prepaid interest, first (4 days)$94.32
Prepaid interest, second (4 days)$156.93
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 5 moOf the original 30-year loan at 3.47%
Interest already paid$61,512Through Dec 2026
Assumption only · ends May 2050$148,354
Assumption + second · ends May 2050, second Jan 2057$442,191
New conventional · ends Jan 2057$617,025