Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,729/mo
Lowest payment- Down payment
- $573,909
- Funds due
- $593,496
- Interest + MI left
- $306,336
- First ends
- Feb 2050
Assumption
Assumption + second
$7,068/mo
+$3,338/mo- Down payment
- $107,909
- Funds due
- $129,340
- Interest + MI left
- $1,042,189
- First ends
- Feb 2050
New loan
New conventional
$7,400/mo
+$3,670/mo- Down payment
- $107,909
- Funds due
- $125,461
- Interest + MI left
- $1,414,047
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $501,091 | $501,091 | $967,091 |
| Second mortgage | — | $466,000 | — |
| First P&I | $2,659.96 | $2,659.96 | $6,551.41 |
| Second P&I | — | $3,338.48 | — |
| Mortgage insurance | $414.42 | $414.42 | $193.42 |
| Taxes, insurance & HOA | $655.00 | $655.00 | $655.00 |
| Total housing payment | $3,729.37 | $7,067.85 | $7,399.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$107,909
Closing costs & prepaids$21,430
Usable credit−$0
Total buyer cash needed$129,340
Earnest money paid−$0
Remaining funds due$129,340
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$10,750.00
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)$1,290.00
Initial HOA (3 months)$24.99
Prepaid interest, first (6 days)$296.54
Prepaid interest, second (6 days)$593.67
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 2 moOf the original 30-year loan at 3.6%
Interest already paid$134,145Through Dec 2026
Assumption only · ends Feb 2050$306,336
Assumption + second · ends Feb 2050, second Jan 2057$1,042,189
New conventional · ends Jan 2057$1,414,047