Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,059/mo
Lowest payment- Down payment
- $152,652
- Funds due
- $165,976
- Interest + MI left
- $263,182
- First ends
- Feb 2050
Assumption
Assumption + second
$3,815/mo
+$756/mo- Down payment
- $58,652
- Funds due
- $73,365
- Interest + MI left
- $441,466
- First ends
- Feb 2050
New loan
New conventional
$4,064/mo
+$1,005/mo- Down payment
- $58,652
- Funds due
- $69,948
- Interest + MI left
- $760,835
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $426,348 | $426,348 | $520,348 |
| Second mortgage | — | $94,000 | — |
| First P&I | $2,272.27 | $2,272.27 | $3,525.02 |
| Second P&I | — | $756.35 | — |
| Mortgage insurance | $352.27 | $352.27 | $104.07 |
| Taxes, insurance & HOA | $434.58 | $434.58 | $434.58 |
| Total housing payment | $3,059.12 | $3,815.47 | $4,063.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,652
Closing costs & prepaids$14,713
Usable credit−$0
Total buyer cash needed$73,365
Earnest money paid−$0
Remaining funds due$73,365
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,790.00
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)$694.75
Initial HOA (3 months)$108.99
Prepaid interest, first (6 days)$255.11
Prepaid interest, second (6 days)$139.07
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 3.64%
Interest already paid$115,347Through Dec 2026
Assumption only · ends Feb 2050$263,182
Assumption + second · ends Feb 2050, second Jan 2057$441,466
New conventional · ends Jan 2057$760,835