Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,266/mo
Lowest payment- Down payment
- $228,753
- Funds due
- $241,419
- Interest + MI left
- $188,657
- First ends
- Feb 2050
Assumption
Assumption + second
$3,550/mo
+$1,284/mo- Down payment
- $53,753
- Funds due
- $67,899
- Interest + MI left
- $475,928
- First ends
- Feb 2050
New loan
New conventional
$3,724/mo
+$1,458/mo- Down payment
- $53,753
- Funds due
- $64,460
- Interest + MI left
- $696,352
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $301,247 | $301,247 | $476,247 |
| Second mortgage | — | $175,000 | — |
| First P&I | $1,615.17 | $1,615.17 | $3,226.26 |
| Second P&I | — | $1,284.09 | — |
| Mortgage insurance | $248.56 | $248.56 | $95.25 |
| Taxes, insurance & HOA | $402.42 | $402.42 | $402.42 |
| Total housing payment | $2,266.14 | $3,550.23 | $3,723.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,753
Closing costs & prepaids$14,146
Usable credit−$0
Total buyer cash needed$67,899
Earnest money paid−$0
Remaining funds due$67,899
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,300.00
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)$636.00
Initial HOA (3 months)$71.25
Prepaid interest, first (6 days)$183.22
Prepaid interest, second (6 days)$230.14
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$82,784Through Dec 2026
Assumption only · ends Feb 2050$188,657
Assumption + second · ends Feb 2050, second Jan 2057$475,928
New conventional · ends Jan 2057$696,352