Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,022/mo
Lowest payment- Down payment
- $355,987
- Funds due
- $372,664
- Interest + MI left
- $189,614
- First ends
- Sep 2050
Assumption
Assumption + second
$4,992/mo
+$1,970/mo- Down payment
- $80,987
- Funds due
- $99,323
- Interest + MI left
- $623,862
- First ends
- Sep 2050
New loan
New conventional
$5,651/mo
+$2,629/mo- Down payment
- $80,987
- Funds due
- $95,852
- Interest + MI left
- $1,051,316
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $444,013 | $444,013 | $719,013 |
| Second mortgage | — | $275,000 | — |
| First P&I | $2,012.53 | $2,012.53 | $4,870.84 |
| Second P&I | — | $1,970.13 | — |
| Mortgage insurance | $372.94 | $372.94 | $143.80 |
| Taxes, insurance & HOA | $636.67 | $636.67 | $636.67 |
| Total housing payment | $3,022.13 | $4,992.26 | $5,651.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$80,987
Closing costs & prepaids$18,335
Usable credit−$0
Total buyer cash needed$99,323
Earnest money paid−$0
Remaining funds due$99,323
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$8,000.00
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)$960.00
Initial HOA (3 months)$300.00
Prepaid interest, first (7 days)$191.59
Prepaid interest, second (7 days)$408.73
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 9 moOf the original 30-year loan at 2.25%
Interest already paid$68,452Through Dec 2026
Assumption only · ends Sep 2050$189,614
Assumption + second · ends Sep 2050, second Jan 2057$623,862
New conventional · ends Jan 2057$1,051,316