Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,887/mo
Lowest payment- Down payment
- $295,242
- Funds due
- $309,784
- Interest + MI left
- $245,024
- First ends
- May 2050
Assumption
Assumption + second
$4,506/mo
+$1,619/mo- Down payment
- $69,242
- Funds due
- $85,322
- Interest + MI left
- $601,897
- First ends
- May 2050
New loan
New conventional
$4,807/mo
+$1,920/mo- Down payment
- $69,242
- Funds due
- $81,790
- Interest + MI left
- $907,651
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $394,758 | $394,758 | $620,758 |
| Second mortgage | — | $226,000 | — |
| First P&I | $2,085.39 | $2,085.39 | $4,205.23 |
| Second P&I | — | $1,619.09 | — |
| Mortgage insurance | $324.10 | $324.10 | $124.15 |
| Taxes, insurance & HOA | $477.67 | $477.67 | $477.67 |
| Total housing payment | $2,887.16 | $4,506.25 | $4,807.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$69,242
Closing costs & prepaids$16,081
Usable credit−$0
Total buyer cash needed$85,322
Earnest money paid−$0
Remaining funds due$85,322
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,900.00
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)$828.00
Initial HOA (3 months)$105.00
Prepaid interest, first (6 days)$234.91
Prepaid interest, second (6 days)$287.92
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 5 moOf the original 30-year loan at 3.62%
Interest already paid$101,951Through Dec 2026
Assumption only · ends May 2050$245,024
Assumption + second · ends May 2050, second Jan 2057$601,897
New conventional · ends Jan 2057$907,651