Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,522/mo
Lowest payment- Down payment
- $211,152
- Funds due
- $224,286
- Interest + MI left
- $203,568
- First ends
- Sep 2050
Assumption
Assumption + second
$3,645/mo
+$1,123/mo- Down payment
- $58,152
- Funds due
- $72,737
- Interest + MI left
- $454,725
- First ends
- Sep 2050
New loan
New conventional
$4,011/mo
+$1,489/mo- Down payment
- $58,152
- Funds due
- $69,326
- Interest + MI left
- $755,717
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $363,848 | $363,848 | $516,848 |
| Second mortgage | — | $153,000 | — |
| First P&I | $1,816.70 | $1,816.70 | $3,501.31 |
| Second P&I | — | $1,122.66 | — |
| Mortgage insurance | $299.07 | $299.07 | $103.37 |
| Taxes, insurance & HOA | $406.67 | $406.67 | $406.67 |
| Total housing payment | $2,522.43 | $3,645.09 | $4,011.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,152
Closing costs & prepaids$14,585
Usable credit−$0
Total buyer cash needed$72,737
Earnest money paid−$0
Remaining funds due$72,737
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,750.00
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)$690.00
Initial HOA (3 months)$30.00
Prepaid interest, first (6 days)$189.00
Prepaid interest, second (6 days)$201.21
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 9 moOf the original 30-year loan at 3.16%
Interest already paid$77,889Through Dec 2026
Assumption only · ends Sep 2050$203,568
Assumption + second · ends Sep 2050, second Jan 2057$454,725
New conventional · ends Jan 2057$755,717