Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,853/mo
Lowest payment- Down payment
- $254,331
- Funds due
- $268,349
- Interest + MI left
- $243,472
- First ends
- Mar 2050
Assumption
Assumption + second
$4,247/mo
+$1,394/mo- Down payment
- $64,331
- Funds due
- $79,849
- Interest + MI left
- $555,367
- First ends
- Mar 2050
New loan
New conventional
$4,480/mo
+$1,628/mo- Down payment
- $64,331
- Funds due
- $76,348
- Interest + MI left
- $840,261
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $384,669 | $384,669 | $574,669 |
| Second mortgage | — | $190,000 | — |
| First P&I | $2,063.94 | $2,063.94 | $3,893.01 |
| Second P&I | — | $1,394.15 | — |
| Mortgage insurance | $316.45 | $316.45 | $114.93 |
| Taxes, insurance & HOA | $472.25 | $472.25 | $472.25 |
| Total housing payment | $2,852.64 | $4,246.80 | $4,480.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$64,331
Closing costs & prepaids$15,517
Usable credit−$0
Total buyer cash needed$79,849
Earnest money paid−$0
Remaining funds due$79,849
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,390.00
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)$766.75
Initial HOA (3 months)$150.00
Prepaid interest, first (6 days)$235.86
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 closing23 yr 3 moOf the original 30-year loan at 3.73%
Interest already paid$105,090Through Dec 2026
Assumption only · ends Mar 2050$243,472
Assumption + second · ends Mar 2050, second Jan 2057$555,367
New conventional · ends Jan 2057$840,261