Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,484/mo
Lowest payment- Down payment
- $286,953
- Funds due
- $302,879
- Interest + MI left
- $287,977
- First ends
- Sep 2049
Assumption
Assumption + second
$4,995/mo
+$1,512/mo- Down payment
- $75,953
- Funds due
- $93,218
- Interest + MI left
- $621,163
- First ends
- Sep 2049
New loan
New conventional
$5,387/mo
+$1,903/mo- Down payment
- $75,953
- Funds due
- $89,498
- Interest + MI left
- $1,022,103
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $463,047 | $463,047 | $674,047 |
| Second mortgage | — | $211,000 | — |
| First P&I | $2,513.02 | $2,513.02 | $4,666.97 |
| Second P&I | — | $1,511.63 | — |
| Mortgage insurance | $385.31 | $385.31 | $134.81 |
| Taxes, insurance & HOA | $585.42 | $585.42 | $585.42 |
| Total housing payment | $3,483.74 | $4,995.37 | $5,387.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,953
Closing costs & prepaids$17,265
Usable credit−$0
Total buyer cash needed$93,218
Earnest money paid−$0
Remaining funds due$93,218
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,500.00
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)$1,031.25
Initial HOA (3 months)$75.00
Prepaid interest, first (2 days)$94.64
Prepaid interest, second (2 days)$89.60
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 closing22 yr 10 moOf the original 30-year loan at 3.730%
Interest already paid$135,202Through Nov 2026
Assumption only · ends Sep 2049$287,977
Assumption + second · ends Sep 2049, second Dec 2056$621,163
New conventional · ends Dec 2056$1,022,103