Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,257/mo
Lowest payment- Down payment
- $499,934
- Funds due
- $517,502
- Interest + MI left
- $290,617
- First ends
- Feb 2049
Assumption
Assumption + second
$6,202/mo
+$2,944/mo- Down payment
- $88,934
- Funds due
- $108,363
- Interest + MI left
- $939,621
- First ends
- Feb 2049
New loan
New conventional
$6,131/mo
+$2,873/mo- Down payment
- $88,934
- Funds due
- $104,550
- Interest + MI left
- $1,156,669
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $380,066 | $380,066 | $791,066 |
| Second mortgage | — | $411,000 | — |
| First P&I | $2,330.26 | $2,330.26 | $5,358.96 |
| Second P&I | — | $2,944.45 | — |
| Mortgage insurance | $313.52 | $313.52 | $158.21 |
| Taxes, insurance & HOA | $613.67 | $613.67 | $613.67 |
| Total housing payment | $3,257.45 | $6,201.90 | $6,130.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$88,934
Closing costs & prepaids$19,429
Usable credit−$0
Total buyer cash needed$108,363
Earnest money paid−$0
Remaining funds due$108,363
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$8,800.00
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)$1,056.00
Initial HOA (3 months)$135.00
Prepaid interest, first (7 days)$352.06
Prepaid interest, second (7 days)$610.87
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 closing22 yr 2 moOf the original 30-year loan at 4.83%
Interest already paid$156,499Through Dec 2026
Assumption only · ends Feb 2049$290,617
Assumption + second · ends Feb 2049, second Jan 2057$939,621
New conventional · ends Jan 2057$1,156,669