Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,753/mo
Lowest payment- Down payment
- $564,202
- Funds due
- $580,145
- Interest + MI left
- $117,377
- First ends
- Sep 2050
Assumption
Assumption + second
$5,235/mo
+$3,482/mo- Down payment
- $78,202
- Funds due
- $95,498
- Interest + MI left
- $884,812
- First ends
- Sep 2050
New loan
New conventional
$5,497/mo
+$3,744/mo- Down payment
- $78,202
- Funds due
- $91,686
- Interest + MI left
- $1,056,741
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $210,798 | $210,798 | $696,798 |
| Second mortgage | — | $486,000 | — |
| First P&I | $1,046.76 | $1,046.76 | $4,824.49 |
| Second P&I | — | $3,481.76 | — |
| Mortgage insurance | $172.98 | $172.98 | $139.36 |
| Taxes, insurance & HOA | $533.42 | $533.42 | $533.42 |
| Total housing payment | $1,753.15 | $5,234.91 | $5,497.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$78,202
Closing costs & prepaids$17,297
Usable credit−$0
Total buyer cash needed$95,498
Earnest money paid−$0
Remaining funds due$95,498
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,750.00
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)$614.25
Initial HOA (3 months)$336.00
Prepaid interest, first (1 days)$18.08
Prepaid interest, second (1 days)$103.19
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 10 moOf the original 30-year loan at 3.130%
Interest already paid$44,058Through Nov 2026
Assumption only · ends Sep 2050$117,377
Assumption + second · ends Sep 2050, second Dec 2056$884,812
New conventional · ends Dec 2056$1,056,741