Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,650/mo
Lowest payment- Down payment
- $292,945
- Funds due
- $315,155
- Interest + MI left
- $566,397
- First ends
- Nov 2050
Assumption
Assumption + second
$7,846/mo
+$1,196/mo- Down payment
- $129,945
- Funds due
- $153,441
- Interest + MI left
- $833,970
- First ends
- Nov 2050
New loan
New conventional
$9,147/mo
+$2,497/mo- Down payment
- $129,945
- Funds due
- $149,204
- Interest + MI left
- $1,759,301
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $997,055 | $997,055 | $1,160,055 |
| Second mortgage | — | $163,000 | — |
| First P&I | $4,953.90 | $4,953.90 | $8,031.99 |
| Second P&I | — | $1,196.04 | — |
| Mortgage insurance | $813.45 | $813.45 | $232.01 |
| Taxes, insurance & HOA | $882.66 | $882.66 | $882.66 |
| Total housing payment | $6,650.01 | $7,846.05 | $9,146.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$129,945
Closing costs & prepaids$23,496
Usable credit−$0
Total buyer cash needed$153,441
Earnest money paid−$0
Remaining funds due$153,441
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)$1,315.25
Initial HOA (3 months)$682.74
Prepaid interest, first (1 days)$86.87
Prepaid interest, second (1 days)$35.73
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing24 yrOf the original 30-year loan at 3.180%
Interest already paid$205,335Through Nov 2026
Assumption only · ends Nov 2050$566,397
Assumption + second · ends Nov 2050, second Dec 2056$833,970
New conventional · ends Dec 2056$1,759,301