Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,446/mo
Lowest payment- Down payment
- $305,149
- Funds due
- $319,916
- Interest + MI left
- $120,583
- First ends
- Mar 2050
Assumption
Assumption + second
$4,273/mo
+$1,827/mo- Down payment
- $50,149
- Funds due
- $66,220
- Interest + MI left
- $523,249
- First ends
- Mar 2050
New loan
New conventional
$4,443/mo
+$1,997/mo- Down payment
- $50,149
- Funds due
- $62,685
- Interest + MI left
- $674,558
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $189,851 | $189,851 | $444,851 |
| Second mortgage | — | $255,000 | — |
| First P&I | $1,016.36 | $1,016.36 | $3,080.06 |
| Second P&I | — | $1,826.85 | — |
| Mortgage insurance | $155.83 | $155.83 | $88.97 |
| Taxes, insurance & HOA | $1,274.17 | $1,274.17 | $1,274.17 |
| Total housing payment | $2,446.36 | $4,273.21 | $4,443.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,149
Closing costs & prepaids$16,071
Usable credit−$0
Total buyer cash needed$66,220
Earnest money paid−$0
Remaining funds due$66,220
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,950.00
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)$1,237.50
Initial HOA (3 months)$2,085.00
Prepaid interest, first (1 days)$19.40
Prepaid interest, second (1 days)$54.14
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 4 moOf the original 30-year loan at 3.730%
Interest already paid$51,160Through Nov 2026
Assumption only · ends Mar 2050$120,583
Assumption + second · ends Mar 2050, second Dec 2056$523,249
New conventional · ends Dec 2056$674,558