Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,394/mo
Lowest payment- Down payment
- $213,245
- Funds due
- $226,297
- Interest + MI left
- $179,966
- First ends
- Oct 2050
Assumption
Assumption + second
$3,553/mo
+$1,159/mo- Down payment
- $55,245
- Funds due
- $69,755
- Interest + MI left
- $439,331
- First ends
- Oct 2050
New loan
New conventional
$3,921/mo
+$1,527/mo- Down payment
- $55,245
- Funds due
- $66,363
- Interest + MI left
- $723,414
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $336,755 | $336,755 | $494,755 |
| Second mortgage | — | $158,000 | — |
| First P&I | $1,646.09 | $1,646.09 | $3,351.64 |
| Second P&I | — | $1,159.35 | — |
| Mortgage insurance | $277.27 | $277.27 | $98.95 |
| Taxes, insurance & HOA | $470.67 | $470.67 | $470.67 |
| Total housing payment | $2,394.02 | $3,553.37 | $3,921.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,245
Closing costs & prepaids$14,510
Usable credit−$0
Total buyer cash needed$69,755
Earnest money paid−$0
Remaining funds due$69,755
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,500.00
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)$660.00
Initial HOA (3 months)$252.00
Prepaid interest, first (6 days)$164.96
Prepaid interest, second (6 days)$207.78
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 10 moOf the original 30-year loan at 2.98%
Interest already paid$67,130Through Dec 2026
Assumption only · ends Oct 2050$179,966
Assumption + second · ends Oct 2050, second Jan 2057$439,331
New conventional · ends Jan 2057$723,414