Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,462/mo
Lowest payment- Down payment
- $349,709
- Funds due
- $367,225
- Interest + MI left
- $195,790
- First ends
- Nov 2048
Assumption
Assumption + second
$5,425/mo
+$1,963/mo- Down payment
- $75,709
- Funds due
- $94,998
- Interest + MI left
- $628,459
- First ends
- Nov 2048
New loan
New conventional
$5,770/mo
+$2,308/mo- Down payment
- $75,709
- Funds due
- $91,578
- Interest + MI left
- $993,236
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $405,291 | $405,291 | $679,291 |
| Second mortgage | — | $274,000 | — |
| First P&I | $2,090.24 | $2,090.24 | $4,601.75 |
| Second P&I | — | $1,962.97 | — |
| Mortgage insurance | $339.15 | $339.15 | $135.86 |
| Taxes, insurance & HOA | $1,032.67 | $1,032.67 | $1,032.67 |
| Total housing payment | $3,462.05 | $5,425.02 | $5,770.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,709
Closing costs & prepaids$19,289
Usable credit−$0
Total buyer cash needed$94,998
Earnest money paid−$0
Remaining funds due$94,998
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,550.00
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)$906.00
Initial HOA (3 months)$1,542.00
Prepaid interest, first (9 days)$292.81
Prepaid interest, second (9 days)$523.60
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 closing21 yr 11 moOf the original 28-year loan at 2.93%
Interest already paid$79,075Through Dec 2026
Assumption only · ends Nov 2048$195,790
Assumption + second · ends Nov 2048, second Jan 2057$628,459
New conventional · ends Jan 2057$993,236