Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,430/mo
Lowest payment- Down payment
- $263,026
- Funds due
- $278,730
- Interest + MI left
- $286,284
- First ends
- Sep 2049
Assumption
Assumption + second
$4,824/mo
+$1,394/mo- Down payment
- $73,026
- Funds due
- $90,230
- Interest + MI left
- $598,179
- First ends
- Sep 2049
New loan
New conventional
$5,079/mo
+$1,649/mo- Down payment
- $73,026
- Funds due
- $86,685
- Interest + MI left
- $953,294
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $461,974 | $461,974 | $651,974 |
| Second mortgage | — | $190,000 | — |
| First P&I | $2,513.02 | $2,513.02 | $4,416.70 |
| Second P&I | — | $1,394.15 | — |
| Mortgage insurance | $385.31 | $385.31 | $130.39 |
| Taxes, insurance & HOA | $531.67 | $531.67 | $531.67 |
| Total housing payment | $3,429.99 | $4,824.15 | $5,078.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$73,026
Closing costs & prepaids$17,203
Usable credit−$0
Total buyer cash needed$90,230
Earnest money paid−$0
Remaining funds due$90,230
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,250.00
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)$870.00
Initial HOA (3 months)$75.00
Prepaid interest, first (6 days)$283.26
Prepaid interest, second (6 days)$249.86
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 closing22 yr 9 moOf the original 30-year loan at 3.73%
Interest already paid$136,641Through Dec 2026
Assumption only · ends Sep 2049$286,284
Assumption + second · ends Sep 2049, second Jan 2057$598,179
New conventional · ends Jan 2057$953,294