Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,670/mo
Lowest payment- Down payment
- $315,580
- Funds due
- $328,385
- Interest + MI left
- $106,591
- First ends
- Sep 2050
Assumption
Assumption + second
$3,540/mo
+$1,870/mo- Down payment
- $54,580
- Funds due
- $69,134
- Interest + MI left
- $518,732
- First ends
- Sep 2050
New loan
New conventional
$3,811/mo
+$2,141/mo- Down payment
- $54,580
- Funds due
- $65,754
- Interest + MI left
- $708,302
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $223,420 | $223,420 | $484,420 |
| Second mortgage | — | $261,000 | — |
| First P&I | $1,051.54 | $1,051.54 | $3,281.63 |
| Second P&I | — | $1,869.84 | — |
| Mortgage insurance | $186.05 | $186.05 | $96.88 |
| Taxes, insurance & HOA | $432.25 | $432.25 | $432.25 |
| Total housing payment | $1,669.85 | $3,539.68 | $3,810.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,580
Closing costs & prepaids$14,554
Usable credit−$0
Total buyer cash needed$69,134
Earnest money paid−$0
Remaining funds due$69,134
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,390.00
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)$646.75
Initial HOA (3 months)$150.00
Prepaid interest, first (9 days)$143.23
Prepaid interest, second (9 days)$498.76
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 9 moOf the original 30-year loan at 2.6%
Interest already paid$39,623Through Dec 2026
Assumption only · ends Sep 2050$106,591
Assumption + second · ends Sep 2050, second Jan 2057$518,732
New conventional · ends Jan 2057$708,302