Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,700/mo
Lowest payment- Down payment
- $352,608
- Funds due
- $370,194
- Interest + MI left
- $298,614
- First ends
- Oct 2050
Assumption
Assumption + second
$5,606/mo
+$1,906/mo- Down payment
- $86,608
- Funds due
- $105,783
- Interest + MI left
- $718,650
- First ends
- Oct 2050
New loan
New conventional
$6,105/mo
+$2,404/mo- Down payment
- $86,608
- Funds due
- $102,162
- Interest + MI left
- $1,130,812
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $507,382 | $507,382 | $773,382 |
| Second mortgage | — | $266,000 | — |
| First P&I | $2,575.22 | $2,575.22 | $5,239.16 |
| Second P&I | — | $1,905.66 | — |
| Mortgage insurance | $414.42 | $414.42 | $154.68 |
| Taxes, insurance & HOA | $710.67 | $710.67 | $710.67 |
| Total housing payment | $3,700.30 | $5,605.96 | $6,104.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$86,608
Closing costs & prepaids$19,174
Usable credit−$0
Total buyer cash needed$105,783
Earnest money paid−$0
Remaining funds due$105,783
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$8,599.90
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)$1,032.00
Initial HOA (3 months)$450.00
Prepaid interest, first (6 days)$278.57
Prepaid interest, second (6 days)$338.88
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 3.34%
Interest already paid$112,886Through Dec 2026
Assumption only · ends Oct 2050$298,614
Assumption + second · ends Oct 2050, second Jan 2057$718,650
New conventional · ends Jan 2057$1,130,812