Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,556/mo
Lowest payment- Down payment
- $207,807
- Funds due
- $220,819
- Interest + MI left
- $215,442
- First ends
- Mar 2050
Assumption
Assumption + second
$3,671/mo
+$1,115/mo- Down payment
- $55,807
- Funds due
- $70,269
- Interest + MI left
- $464,958
- First ends
- Mar 2050
New loan
New conventional
$3,886/mo
+$1,330/mo- Down payment
- $55,807
- Funds due
- $66,835
- Interest + MI left
- $721,031
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $341,193 | $341,193 | $493,193 |
| Second mortgage | — | $152,000 | — |
| First P&I | $1,828.85 | $1,828.85 | $3,341.06 |
| Second P&I | — | $1,115.32 | — |
| Mortgage insurance | $280.75 | $280.75 | $98.64 |
| Taxes, insurance & HOA | $446.25 | $446.25 | $446.25 |
| Total housing payment | $2,555.85 | $3,671.17 | $3,885.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,807
Closing costs & prepaids$14,462
Usable credit−$0
Total buyer cash needed$70,269
Earnest money paid−$0
Remaining funds due$70,269
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,490.00
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)$658.75
Initial HOA (3 months)$180.00
Prepaid interest, first (6 days)$208.64
Prepaid interest, second (6 days)$199.89
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 3 moOf the original 30-year loan at 3.72%
Interest already paid$92,974Through Dec 2026
Assumption only · ends Mar 2050$215,442
Assumption + second · ends Mar 2050, second Jan 2057$464,958
New conventional · ends Jan 2057$721,031