Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,728/mo
Lowest payment- Down payment
- $295,257
- Funds due
- $318,393
- Interest + MI left
- $563,225
- First ends
- Nov 2050
Assumption
Assumption + second
$7,946/mo
+$1,218/mo- Down payment
- $129,257
- Funds due
- $153,970
- Interest + MI left
- $835,723
- First ends
- Nov 2050
New loan
New conventional
$9,056/mo
+$2,328/mo- Down payment
- $129,257
- Funds due
- $150,575
- Interest + MI left
- $1,697,198
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $994,743 | $994,743 | $1,160,743 |
| Second mortgage | — | $166,000 | — |
| First P&I | $4,953.90 | $4,953.90 | $7,863.28 |
| Second P&I | — | $1,218.05 | — |
| Mortgage insurance | $813.45 | $813.45 | $232.15 |
| Taxes, insurance & HOA | $960.25 | $960.25 | $960.25 |
| Total housing payment | $6,727.59 | $7,945.64 | $9,055.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$129,257
Closing costs & prepaids$24,713
Usable credit−$0
Total buyer cash needed$153,970
Earnest money paid−$0
Remaining funds due$153,970
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$12,900.00
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)$1,548.00
Initial HOA (3 months)$682.74
Prepaid interest, first (9 days)$779.99
Prepaid interest, second (9 days)$327.45
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 11 moOf the original 30-year loan at 3.18%
Interest already paid$207,977Through Dec 2026
Assumption only · ends Nov 2050$563,225
Assumption + second · ends Nov 2050, second Jan 2057$835,723
New conventional · ends Jan 2057$1,697,198