Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,825/mo
Lowest payment- Down payment
- $392,907
- Funds due
- $407,137
- Interest + MI left
- $93,738
- First ends
- Oct 2050
Assumption
Assumption + second
$4,233/mo
+$2,407/mo- Down payment
- $56,907
- Funds due
- $72,815
- Interest + MI left
- $624,311
- First ends
- Oct 2050
New loan
New conventional
$4,365/mo
+$2,539/mo- Down payment
- $56,907
- Funds due
- $69,276
- Interest + MI left
- $735,358
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $166,993 | $166,993 | $502,993 |
| Second mortgage | — | $336,000 | — |
| First P&I | $831.84 | $831.84 | $3,407.45 |
| Second P&I | — | $2,407.15 | — |
| Mortgage insurance | $136.94 | $136.94 | $100.60 |
| Taxes, insurance & HOA | $856.67 | $856.67 | $856.67 |
| Total housing payment | $1,825.45 | $4,232.59 | $4,364.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,907
Closing costs & prepaids$15,909
Usable credit−$0
Total buyer cash needed$72,815
Earnest money paid−$0
Remaining funds due$72,815
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,599.00
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)$672.00
Initial HOA (3 months)$1,398.00
Prepaid interest, first (6 days)$86.75
Prepaid interest, second (6 days)$428.05
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 10 moOf the original 30-year loan at 3.16%
Interest already paid$35,225Through Dec 2026
Assumption only · ends Oct 2050$93,738
Assumption + second · ends Oct 2050, second Jan 2057$624,311
New conventional · ends Jan 2057$735,358