Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,808/mo
Lowest payment- Down payment
- $316,025
- Funds due
- $328,951
- Interest + MI left
- $135,307
- First ends
- Mar 2050
Assumption
Assumption + second
$3,692/mo
+$1,884/mo- Down payment
- $53,025
- Funds due
- $67,703
- Interest + MI left
- $550,606
- First ends
- Mar 2050
New loan
New conventional
$3,810/mo
+$2,002/mo- Down payment
- $53,025
- Funds due
- $64,268
- Interest + MI left
- $697,124
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $213,775 | $213,775 | $476,775 |
| Second mortgage | — | $263,000 | — |
| First P&I | $1,147.01 | $1,147.01 | $3,229.84 |
| Second P&I | — | $1,884.16 | — |
| Mortgage insurance | $175.87 | $175.87 | $95.36 |
| Taxes, insurance & HOA | $485.25 | $485.25 | $485.25 |
| Total housing payment | $1,808.13 | $3,692.29 | $3,810.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,025
Closing costs & prepaids$14,678
Usable credit−$0
Total buyer cash needed$67,703
Earnest money paid−$0
Remaining funds due$67,703
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,298.00
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)$635.75
Initial HOA (3 months)$320.01
Prepaid interest, first (9 days)$196.61
Prepaid interest, second (9 days)$502.58
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 3 moOf the original 30-year loan at 3.73%
Interest already paid$58,402Through Dec 2026
Assumption only · ends Mar 2050$135,307
Assumption + second · ends Mar 2050, second Jan 2057$550,606
New conventional · ends Jan 2057$697,124