Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,240/mo
Lowest payment- Down payment
- $252,038
- Funds due
- $265,046
- Interest + MI left
- $161,767
- First ends
- Oct 2049
Assumption
Assumption + second
$3,680/mo
+$1,440/mo- Down payment
- $51,038
- Funds due
- $65,381
- Interest + MI left
- $479,163
- First ends
- Oct 2049
New loan
New conventional
$3,896/mo
+$1,656/mo- Down payment
- $51,038
- Funds due
- $61,869
- Interest + MI left
- $696,047
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $257,962 | $257,962 | $458,962 |
| Second mortgage | — | $201,000 | — |
| First P&I | $1,399.52 | $1,399.52 | $3,177.76 |
| Second P&I | — | $1,439.99 | — |
| Mortgage insurance | $214.06 | $214.06 | $91.79 |
| Taxes, insurance & HOA | $626.67 | $626.67 | $626.67 |
| Total housing payment | $2,240.24 | $3,680.23 | $3,896.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,038
Closing costs & prepaids$14,343
Usable credit−$0
Total buyer cash needed$65,381
Earnest money paid−$0
Remaining funds due$65,381
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,100.00
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)$1,275.00
Initial HOA (3 months)$105.00
Prepaid interest, first (2 days)$53.01
Prepaid interest, second (2 days)$85.36
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 11 moOf the original 30-year loan at 3.750%
Interest already paid$74,725Through Nov 2026
Assumption only · ends Oct 2049$161,767
Assumption + second · ends Oct 2049, second Dec 2056$479,163
New conventional · ends Dec 2056$696,047