Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,136/mo
Lowest payment- Down payment
- $297,575
- Funds due
- $310,802
- Interest + MI left
- $171,921
- First ends
- May 2050
Assumption
Assumption + second
$3,848/mo
+$1,712/mo- Down payment
- $58,575
- Funds due
- $73,407
- Interest + MI left
- $549,322
- First ends
- May 2050
New loan
New conventional
$4,075/mo
+$1,939/mo- Down payment
- $58,575
- Funds due
- $69,950
- Interest + MI left
- $769,720
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $287,425 | $287,425 | $526,425 |
| Second mortgage | — | $239,000 | — |
| First P&I | $1,495.50 | $1,495.50 | $3,566.19 |
| Second P&I | — | $1,712.23 | — |
| Mortgage insurance | $236.79 | $236.79 | $105.29 |
| Taxes, insurance & HOA | $403.59 | $403.59 | $403.59 |
| Total housing payment | $2,135.87 | $3,848.10 | $4,075.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,575
Closing costs & prepaids$14,832
Usable credit−$0
Total buyer cash needed$73,407
Earnest money paid−$0
Remaining funds due$73,407
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,850.00
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)$702.00
Initial HOA (3 months)$8.76
Prepaid interest, first (7 days)$191.28
Prepaid interest, second (7 days)$355.23
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 closing23 yr 5 moOf the original 30-year loan at 3.47%
Interest already paid$71,283Through Dec 2026
Assumption only · ends May 2050$171,921
Assumption + second · ends May 2050, second Jan 2057$549,322
New conventional · ends Jan 2057$769,720