Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,997/mo
Lowest payment- Down payment
- $362,109
- Funds due
- $380,269
- Interest + MI left
- $297,941
- First ends
- Jan 2050
Assumption
Assumption + second
$5,989/mo
+$1,992/mo- Down payment
- $84,109
- Funds due
- $103,578
- Interest + MI left
- $736,927
- First ends
- Jan 2050
New loan
New conventional
$6,427/mo
+$2,430/mo- Down payment
- $84,109
- Funds due
- $99,733
- Interest + MI left
- $1,144,843
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $476,891 | $476,891 | $754,891 |
| Second mortgage | — | $278,000 | — |
| First P&I | $2,554.35 | $2,554.35 | $5,226.71 |
| Second P&I | — | $1,991.63 | — |
| Mortgage insurance | $393.57 | $393.57 | $150.98 |
| Taxes, insurance & HOA | $1,049.08 | $1,049.08 | $1,049.08 |
| Total housing payment | $3,997.01 | $5,988.64 | $6,426.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$84,109
Closing costs & prepaids$19,469
Usable credit−$0
Total buyer cash needed$103,578
Earnest money paid−$0
Remaining funds due$103,578
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$8,390.00
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)$2,287.25
Initial HOA (3 months)$210.00
Prepaid interest, first (1 days)$48.21
Prepaid interest, second (1 days)$59.03
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 2 moOf the original 30-year loan at 3.690%
Interest already paid$130,713Through Nov 2026
Assumption only · ends Jan 2050$297,941
Assumption + second · ends Jan 2050, second Dec 2056$736,927
New conventional · ends Dec 2056$1,144,843