Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,752/mo
Lowest payment- Down payment
- $278,366
- Funds due
- $292,775
- Interest + MI left
- $215,025
- First ends
- Nov 2050
Assumption
Assumption + second
$4,257/mo
+$1,504/mo- Down payment
- $68,366
- Funds due
- $84,337
- Interest + MI left
- $546,633
- First ends
- Nov 2050
New loan
New conventional
$4,716/mo
+$1,963/mo- Down payment
- $68,366
- Funds due
- $80,897
- Interest + MI left
- $886,999
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $396,634 | $396,634 | $606,634 |
| Second mortgage | — | $210,000 | — |
| First P&I | $1,942.33 | $1,942.33 | $4,109.55 |
| Second P&I | — | $1,504.47 | — |
| Mortgage insurance | $325.50 | $325.50 | $121.33 |
| Taxes, insurance & HOA | $484.67 | $484.67 | $484.67 |
| Total housing payment | $2,752.49 | $4,256.96 | $4,715.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$68,366
Closing costs & prepaids$15,971
Usable credit−$0
Total buyer cash needed$84,337
Earnest money paid−$0
Remaining funds due$84,337
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,750.00
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)$810.00
Initial HOA (3 months)$144.00
Prepaid interest, first (7 days)$229.72
Prepaid interest, second (7 days)$312.12
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 11 moOf the original 30-year loan at 3.02%
Interest already paid$78,901Through Dec 2026
Assumption only · ends Nov 2050$215,025
Assumption + second · ends Nov 2050, second Jan 2057$546,633
New conventional · ends Jan 2057$886,999