Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,908/mo
Lowest payment- Down payment
- $291,876
- Funds due
- $304,540
- Interest + MI left
- $142,719
- First ends
- Dec 2049
Assumption
Assumption + second
$3,620/mo
+$1,712/mo- Down payment
- $52,876
- Funds due
- $66,841
- Interest + MI left
- $520,120
- First ends
- Dec 2049
New loan
New conventional
$3,835/mo
+$1,927/mo- Down payment
- $52,876
- Funds due
- $63,284
- Interest + MI left
- $716,008
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $233,124 | $233,124 | $472,124 |
| Second mortgage | — | $239,000 | — |
| First P&I | $1,242.84 | $1,242.84 | $3,268.89 |
| Second P&I | — | $1,712.23 | — |
| Mortgage insurance | $193.16 | $193.16 | $94.42 |
| Taxes, insurance & HOA | $471.92 | $471.92 | $471.92 |
| Total housing payment | $1,907.91 | $3,620.14 | $3,835.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,876
Closing costs & prepaids$13,965
Usable credit−$0
Total buyer cash needed$66,841
Earnest money paid−$0
Remaining funds due$66,841
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,250.00
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)$750.75
Initial HOA (3 months)$165.00
Prepaid interest, first (1 days)$23.12
Prepaid interest, second (1 days)$50.75
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 closing23 yr 1 moOf the original 30-year loan at 3.620%
Interest already paid$63,590Through Nov 2026
Assumption only · ends Dec 2049$142,719
Assumption + second · ends Dec 2049, second Dec 2056$520,120
New conventional · ends Dec 2056$716,008