Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,211/mo
Lowest payment- Down payment
- $373,973
- Funds due
- $390,953
- Interest + MI left
- $234,929
- First ends
- Sep 2050
Assumption
Assumption + second
$5,296/mo
+$2,085/mo- Down payment
- $82,973
- Funds due
- $101,574
- Interest + MI left
- $694,442
- First ends
- Sep 2050
New loan
New conventional
$5,822/mo
+$2,611/mo- Down payment
- $82,973
- Funds due
- $97,984
- Interest + MI left
- $1,084,966
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $451,027 | $451,027 | $742,027 |
| Second mortgage | — | $291,000 | — |
| First P&I | $2,191.45 | $2,191.45 | $5,026.75 |
| Second P&I | — | $2,084.76 | — |
| Mortgage insurance | $372.94 | $372.94 | $148.41 |
| Taxes, insurance & HOA | $646.67 | $646.67 | $646.67 |
| Total housing payment | $3,211.06 | $5,295.81 | $5,821.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$82,973
Closing costs & prepaids$18,601
Usable credit−$0
Total buyer cash needed$101,574
Earnest money paid−$0
Remaining funds due$101,574
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$8,250.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$990.00
Initial HOA (3 months)$300.00
Prepaid interest, first (6 days)$215.01
Prepaid interest, second (6 days)$370.73
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 2.9%
Interest already paid$88,886Through Dec 2026
Assumption only · ends Sep 2050$234,929
Assumption + second · ends Sep 2050, second Jan 2057$694,442
New conventional · ends Jan 2057$1,084,966