Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,854/mo
Lowest payment- Down payment
- $554,699
- Funds due
- $570,990
- Interest + MI left
- $116,717
- First ends
- Sep 2050
Assumption
Assumption + second
$5,279/mo
+$3,424/mo- Down payment
- $76,699
- Funds due
- $95,154
- Interest + MI left
- $871,519
- First ends
- Sep 2050
New loan
New conventional
$5,435/mo
+$3,581/mo- Down payment
- $76,699
- Funds due
- $91,480
- Interest + MI left
- $1,006,410
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $210,301 | $210,301 | $688,301 |
| Second mortgage | — | $478,000 | — |
| First P&I | $1,046.76 | $1,046.76 | $4,662.79 |
| Second P&I | — | $3,424.45 | — |
| Mortgage insurance | $172.98 | $172.98 | $137.66 |
| Taxes, insurance & HOA | $634.67 | $634.67 | $634.67 |
| Total housing payment | $1,854.40 | $5,278.85 | $5,435.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$76,699
Closing costs & prepaids$18,455
Usable credit−$0
Total buyer cash needed$95,154
Earnest money paid−$0
Remaining funds due$95,154
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,650.00
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)$918.00
Initial HOA (3 months)$336.00
Prepaid interest, first (9 days)$162.31
Prepaid interest, second (9 days)$913.44
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 3.13%
Interest already paid$44,608Through Dec 2026
Assumption only · ends Sep 2050$116,717
Assumption + second · ends Sep 2050, second Jan 2057$871,519
New conventional · ends Jan 2057$1,006,410