Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,409/mo
Lowest payment- Down payment
- $447,548
- Funds due
- $463,377
- Interest + MI left
- $145,511
- First ends
- Feb 2050
Assumption
Assumption + second
$5,124/mo
+$2,715/mo- Down payment
- $68,548
- Funds due
- $86,110
- Interest + MI left
- $743,984
- First ends
- Feb 2050
New loan
New conventional
$5,235/mo
+$2,826/mo- Down payment
- $68,548
- Funds due
- $82,472
- Interest + MI left
- $893,898
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $232,352 | $232,352 | $611,352 |
| Second mortgage | — | $379,000 | — |
| First P&I | $1,245.78 | $1,245.78 | $4,141.51 |
| Second P&I | — | $2,715.20 | — |
| Mortgage insurance | $191.71 | $191.71 | $122.27 |
| Taxes, insurance & HOA | $971.25 | $971.25 | $971.25 |
| Total housing payment | $2,408.74 | $5,123.95 | $5,235.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$68,548
Closing costs & prepaids$17,562
Usable credit−$0
Total buyer cash needed$86,110
Earnest money paid−$0
Remaining funds due$86,110
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,799.00
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)$2,413.75
Prepaid interest, first (6 days)$141.32
Prepaid interest, second (6 days)$482.84
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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$63,851Through Dec 2026
Assumption only · ends Feb 2050$145,511
Assumption + second · ends Feb 2050, second Jan 2057$743,984
New conventional · ends Jan 2057$893,898