Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,475/mo
Lowest payment- Down payment
- $362,611
- Funds due
- $380,046
- Interest + MI left
- $196,997
- First ends
- Nov 2048
Assumption
Assumption + second
$5,517/mo
+$2,042/mo- Down payment
- $77,611
- Funds due
- $96,357
- Interest + MI left
- $647,036
- First ends
- Nov 2048
New loan
New conventional
$5,971/mo
+$2,496/mo- Down payment
- $77,611
- Funds due
- $92,578
- Interest + MI left
- $1,048,538
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $406,389 | $406,389 | $691,389 |
| Second mortgage | — | $285,000 | — |
| First P&I | $2,090.24 | $2,090.24 | $4,787.04 |
| Second P&I | — | $2,041.77 | — |
| Mortgage insurance | $339.15 | $339.15 | $138.28 |
| Taxes, insurance & HOA | $1,045.83 | $1,045.83 | $1,045.83 |
| Total housing payment | $3,475.22 | $5,517.00 | $5,971.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$77,611
Closing costs & prepaids$18,746
Usable credit−$0
Total buyer cash needed$96,357
Earnest money paid−$0
Remaining funds due$96,357
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,690.00
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)$945.50
Initial HOA (3 months)$1,542.00
Prepaid interest, first (1 days)$32.62
Prepaid interest, second (1 days)$60.51
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 closing22 yrOf the original 28-year loan at 2.930%
Interest already paid$78,083Through Nov 2026
Assumption only · ends Nov 2048$196,997
Assumption + second · ends Nov 2048, second Dec 2056$647,036
New conventional · ends Dec 2056$1,048,538