Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,372/mo
Lowest payment- Down payment
- $337,404
- Funds due
- $351,378
- Interest + MI left
- $188,404
- First ends
- Sep 2049
Assumption
Assumption + second
$4,328/mo
+$1,956/mo- Down payment
- $64,404
- Funds due
- $79,976
- Interest + MI left
- $619,494
- First ends
- Sep 2049
New loan
New conventional
$4,485/mo
+$2,113/mo- Down payment
- $64,404
- Funds due
- $76,426
- Interest + MI left
- $841,617
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $302,596 | $302,596 | $575,596 |
| Second mortgage | — | $273,000 | — |
| First P&I | $1,649.27 | $1,649.27 | $3,899.29 |
| Second P&I | — | $1,955.81 | — |
| Mortgage insurance | $252.26 | $252.26 | $115.12 |
| Taxes, insurance & HOA | $470.67 | $470.67 | $470.67 |
| Total housing payment | $2,372.19 | $4,328.00 | $4,485.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$64,404
Closing costs & prepaids$15,571
Usable credit−$0
Total buyer cash needed$79,976
Earnest money paid−$0
Remaining funds due$79,976
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,400.00
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)$768.00
Initial HOA (3 months)$144.00
Prepaid interest, first (6 days)$186.53
Prepaid interest, second (6 days)$347.79
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 closing22 yr 9 moOf the original 30-year loan at 3.75%
Interest already paid$89,957Through Dec 2026
Assumption only · ends Sep 2049$188,404
Assumption + second · ends Sep 2049, second Jan 2057$619,494
New conventional · ends Jan 2057$841,617