Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,805/mo
Lowest payment- Down payment
- $258,266
- Funds due
- $272,223
- Interest + MI left
- $230,237
- First ends
- Oct 2049
Assumption
Assumption + second
$4,236/mo
+$1,431/mo- Down payment
- $63,266
- Funds due
- $78,730
- Interest + MI left
- $550,340
- First ends
- Oct 2049
New loan
New conventional
$4,419/mo
+$1,615/mo- Down payment
- $63,266
- Funds due
- $75,226
- Interest + MI left
- $821,348
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $366,734 | $366,734 | $561,734 |
| Second mortgage | — | $195,000 | — |
| First P&I | $1,998.15 | $1,998.15 | $3,805.38 |
| Second P&I | — | $1,430.84 | — |
| Mortgage insurance | $304.87 | $304.87 | $112.35 |
| Taxes, insurance & HOA | $501.67 | $501.67 | $501.67 |
| Total housing payment | $2,804.68 | $4,235.52 | $4,419.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,266
Closing costs & prepaids$15,464
Usable credit−$0
Total buyer cash needed$78,730
Earnest money paid−$0
Remaining funds due$78,730
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,250.00
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)$750.00
Initial HOA (3 months)$255.00
Prepaid interest, first (6 days)$227.27
Prepaid interest, second (6 days)$256.44
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 closing22 yr 10 moOf the original 30-year loan at 3.77%
Interest already paid$108,173Through Dec 2026
Assumption only · ends Oct 2049$230,237
Assumption + second · ends Oct 2049, second Jan 2057$550,340
New conventional · ends Jan 2057$821,348