Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,878/mo
Lowest payment- Down payment
- $261,784
- Funds due
- $276,139
- Interest + MI left
- $230,552
- First ends
- Sep 2050
Assumption
Assumption + second
$4,295/mo
+$1,416/mo- Down payment
- $68,784
- Funds due
- $84,643
- Interest + MI left
- $547,371
- First ends
- Sep 2050
New loan
New conventional
$4,733/mo
+$1,855/mo- Down payment
- $68,784
- Funds due
- $81,164
- Interest + MI left
- $899,548
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $422,216 | $422,216 | $615,216 |
| Second mortgage | — | $193,000 | — |
| First P&I | $2,088.42 | $2,088.42 | $4,167.69 |
| Second P&I | — | $1,416.17 | — |
| Mortgage insurance | $347.75 | $347.75 | $123.04 |
| Taxes, insurance & HOA | $442.33 | $442.33 | $442.33 |
| Total housing payment | $2,878.50 | $4,294.66 | $4,733.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$68,784
Closing costs & prepaids$15,859
Usable credit−$0
Total buyer cash needed$84,643
Earnest money paid−$0
Remaining funds due$84,643
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,840.00
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)$820.75
Initial HOA (3 months)$6.24
Prepaid interest, first (6 days)$213.07
Prepaid interest, second (6 days)$253.81
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 9 moOf the original 30-year loan at 3.07%
Interest already paid$87,905Through Dec 2026
Assumption only · ends Sep 2050$230,552
Assumption + second · ends Sep 2050, second Jan 2057$547,371
New conventional · ends Jan 2057$899,548