Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,441/mo
Lowest payment- Down payment
- $379,820
- Funds due
- $392,369
- Interest + MI left
- $115,970
- First ends
- Jan 2050
Assumption
Assumption + second
$3,755/mo
+$2,314/mo- Down payment
- $56,820
- Funds due
- $70,757
- Interest + MI left
- $626,014
- First ends
- Jan 2050
New loan
New conventional
$3,916/mo
+$2,475/mo- Down payment
- $56,820
- Funds due
- $67,170
- Interest + MI left
- $770,689
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $185,180 | $185,180 | $508,180 |
| Second mortgage | — | $323,000 | — |
| First P&I | $992.86 | $992.86 | $3,518.54 |
| Second P&I | — | $2,314.01 | — |
| Mortgage insurance | $152.79 | $152.79 | $101.64 |
| Taxes, insurance & HOA | $295.75 | $295.75 | $295.75 |
| Total housing payment | $1,441.41 | $3,755.42 | $3,915.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,820
Closing costs & prepaids$13,937
Usable credit−$0
Total buyer cash needed$70,757
Earnest money paid−$0
Remaining funds due$70,757
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,650.00
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)$387.25
Prepaid interest, first (2 days)$37.54
Prepaid interest, second (2 days)$137.16
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 2 moOf the original 30-year loan at 3.700%
Interest already paid$50,888Through Nov 2026
Assumption only · ends Jan 2050$115,970
Assumption + second · ends Jan 2050, second Dec 2056$626,014
New conventional · ends Dec 2056$770,689