Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,547/mo
Lowest payment- Down payment
- $151,676
- Funds due
- $166,295
- Interest + MI left
- $264,696
- First ends
- Feb 2050
Assumption
Assumption + second
$4,296/mo
+$748/mo- Down payment
- $58,676
- Funds due
- $74,590
- Interest + MI left
- $441,084
- First ends
- Feb 2050
New loan
New conventional
$4,630/mo
+$1,082/mo- Down payment
- $58,676
- Funds due
- $71,034
- Interest + MI left
- $789,002
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $427,324 | $427,324 | $520,324 |
| Second mortgage | — | $93,000 | — |
| First P&I | $2,272.27 | $2,272.27 | $3,602.62 |
| Second P&I | — | $748.30 | — |
| Mortgage insurance | $352.27 | $352.27 | $104.06 |
| Taxes, insurance & HOA | $922.83 | $922.83 | $922.83 |
| Total housing payment | $3,547.37 | $4,295.67 | $4,629.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,676
Closing costs & prepaids$15,915
Usable credit−$0
Total buyer cash needed$74,590
Earnest money paid−$0
Remaining funds due$74,590
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,790.00
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)$2,159.50
Initial HOA (3 months)$108.99
Prepaid interest, first (2 days)$85.23
Prepaid interest, second (2 days)$45.86
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 3.640%
Interest already paid$114,051Through Nov 2026
Assumption only · ends Feb 2050$264,696
Assumption + second · ends Feb 2050, second Dec 2056$441,084
New conventional · ends Dec 2056$789,002