Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,956/mo
Lowest payment- Down payment
- $235,337
- Funds due
- $247,693
- Interest + MI left
- $153,706
- First ends
- Aug 2050
Assumption
Assumption + second
$3,306/mo
+$1,350/mo- Down payment
- $51,337
- Funds due
- $65,306
- Interest + MI left
- $455,752
- First ends
- Aug 2050
New loan
New conventional
$3,539/mo
+$1,584/mo- Down payment
- $51,337
- Funds due
- $61,969
- Interest + MI left
- $664,646
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $270,563 | $270,563 | $454,563 |
| Second mortgage | — | $184,000 | — |
| First P&I | $1,363.99 | $1,363.99 | $3,079.37 |
| Second P&I | — | $1,350.13 | — |
| Mortgage insurance | $222.56 | $222.56 | $90.91 |
| Taxes, insurance & HOA | $369.00 | $369.00 | $369.00 |
| Total housing payment | $1,955.55 | $3,305.68 | $3,539.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,337
Closing costs & prepaids$13,969
Usable credit−$0
Total buyer cash needed$65,306
Earnest money paid−$0
Remaining funds due$65,306
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,059.00
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)$607.00
Prepaid interest, first (9 days)$215.49
Prepaid interest, second (9 days)$362.96
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 8 moOf the original 30-year loan at 3.23%
Interest already paid$60,023Through Dec 2026
Assumption only · ends Aug 2050$153,706
Assumption + second · ends Aug 2050, second Jan 2057$455,752
New conventional · ends Jan 2057$664,646