Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,789/mo
Lowest payment- Down payment
- $302,907
- Funds due
- $316,129
- Interest + MI left
- $93,738
- First ends
- Oct 2050
Assumption
Assumption + second
$3,616/mo
+$1,827/mo- Down payment
- $47,907
- Funds due
- $62,704
- Interest + MI left
- $496,405
- First ends
- Oct 2050
New loan
New conventional
$3,764/mo
+$1,974/mo- Down payment
- $47,907
- Funds due
- $59,262
- Interest + MI left
- $616,939
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $166,993 | $166,993 | $421,993 |
| Second mortgage | — | $255,000 | — |
| First P&I | $831.84 | $831.84 | $2,858.73 |
| Second P&I | — | $1,826.85 | — |
| Mortgage insurance | $136.94 | $136.94 | $84.40 |
| Taxes, insurance & HOA | $820.67 | $820.67 | $820.67 |
| Total housing payment | $1,789.45 | $3,616.30 | $3,763.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,907
Closing costs & prepaids$14,798
Usable credit−$0
Total buyer cash needed$62,704
Earnest money paid−$0
Remaining funds due$62,704
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,699.00
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)$564.00
Initial HOA (3 months)$1,398.00
Prepaid interest, first (6 days)$86.75
Prepaid interest, second (6 days)$324.86
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 3.16%
Interest already paid$35,225Through Dec 2026
Assumption only · ends Oct 2050$93,738
Assumption + second · ends Oct 2050, second Jan 2057$496,405
New conventional · ends Jan 2057$616,939