Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,865/mo
Lowest payment- Down payment
- $283,292
- Funds due
- $295,656
- Interest + MI left
- $110,843
- First ends
- Aug 2046
Assumption
Assumption + second
$3,535/mo
+$1,669/mo- Down payment
- $50,292
- Funds due
- $64,352
- Interest + MI left
- $478,769
- First ends
- Aug 2046
New loan
New conventional
$3,519/mo
+$1,653/mo- Down payment
- $50,292
- Funds due
- $60,953
- Interest + MI left
- $650,002
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $211,608 | $211,608 | $444,608 |
| Second mortgage | — | $233,000 | — |
| First P&I | $1,252.49 | $1,252.49 | $3,011.93 |
| Second P&I | — | $1,669.24 | — |
| Mortgage insurance | $195.14 | $195.14 | $88.92 |
| Taxes, insurance & HOA | $417.67 | $417.67 | $417.67 |
| Total housing payment | $1,865.30 | $3,534.54 | $3,518.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,292
Closing costs & prepaids$14,060
Usable credit−$0
Total buyer cash needed$64,352
Earnest money paid−$0
Remaining funds due$64,352
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,949.00
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)$594.00
Initial HOA (3 months)$159.00
Prepaid interest, first (9 days)$187.84
Prepaid interest, second (9 days)$445.25
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 closing19 yr 8 moOf the original 30-year loan at 3.6%
Interest already paid$91,430Through Dec 2026
Assumption only · ends Aug 2046$110,843
Assumption + second · ends Aug 2046, second Jan 2057$478,769
New conventional · ends Jan 2057$650,002