Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,589/mo
Lowest payment- Down payment
- $410,157
- Funds due
- $425,811
- Interest + MI left
- $165,580
- First ends
- May 2050
Assumption
Assumption + second
$5,025/mo
+$2,436/mo- Down payment
- $70,157
- Funds due
- $87,206
- Interest + MI left
- $702,468
- First ends
- May 2050
New loan
New conventional
$5,359/mo
+$2,769/mo- Down payment
- $70,157
- Funds due
- $83,512
- Interest + MI left
- $953,683
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $288,843 | $288,843 | $628,843 |
| Second mortgage | — | $340,000 | — |
| First P&I | $1,472.08 | $1,472.08 | $4,353.98 |
| Second P&I | — | $2,435.80 | — |
| Mortgage insurance | $238.39 | $238.39 | $125.77 |
| Taxes, insurance & HOA | $878.92 | $878.92 | $878.92 |
| Total housing payment | $2,589.38 | $5,025.19 | $5,358.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,157
Closing costs & prepaids$17,048
Usable credit−$0
Total buyer cash needed$87,206
Earnest money paid−$0
Remaining funds due$87,206
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,990.00
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)$1,933.00
Initial HOA (3 months)$203.76
Prepaid interest, first (2 days)$52.07
Prepaid interest, second (2 days)$144.38
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 6 moOf the original 30-year loan at 3.290%
Interest already paid$67,117Through Nov 2026
Assumption only · ends May 2050$165,580
Assumption + second · ends May 2050, second Dec 2056$702,468
New conventional · ends Dec 2056$953,683