Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,860/mo
Lowest payment- Down payment
- $224,503
- Funds due
- $236,734
- Interest + MI left
- $129,785
- First ends
- Oct 2050
Assumption
Assumption + second
$3,159/mo
+$1,299/mo- Down payment
- $47,503
- Funds due
- $61,333
- Interest + MI left
- $420,339
- First ends
- Oct 2050
New loan
New conventional
$3,424/mo
+$1,564/mo- Down payment
- $47,503
- Funds due
- $58,038
- Interest + MI left
- $625,071
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $250,497 | $250,497 | $427,497 |
| Second mortgage | — | $177,000 | — |
| First P&I | $1,210.31 | $1,210.31 | $2,896.01 |
| Second P&I | — | $1,298.76 | — |
| Mortgage insurance | $206.77 | $206.77 | $85.50 |
| Taxes, insurance & HOA | $442.67 | $442.67 | $442.67 |
| Total housing payment | $1,859.74 | $3,158.50 | $3,424.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,503
Closing costs & prepaids$13,829
Usable credit−$0
Total buyer cash needed$61,333
Earnest money paid−$0
Remaining funds due$61,333
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,750.00
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)$570.00
Initial HOA (3 months)$258.00
Prepaid interest, first (9 days)$177.27
Prepaid interest, second (9 days)$349.15
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 10 moOf the original 30-year loan at 2.87%
Interest already paid$48,155Through Dec 2026
Assumption only · ends Oct 2050$129,785
Assumption + second · ends Oct 2050, second Jan 2057$420,339
New conventional · ends Jan 2057$625,071