Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,112/mo
Lowest payment- Down payment
- $263,036
- Funds due
- $273,938
- Interest + MI left
- $66,367
- First ends
- Mar 2050
Assumption
Assumption + second
$2,717/mo
+$1,605/mo- Down payment
- $39,036
- Funds due
- $51,616
- Interest + MI left
- $420,082
- First ends
- Mar 2050
New loan
New conventional
$2,821/mo
+$1,709/mo- Down payment
- $39,036
- Funds due
- $48,272
- Interest + MI left
- $511,705
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $125,964 | $125,964 | $349,964 |
| Second mortgage | — | $224,000 | — |
| First P&I | $630.87 | $630.87 | $2,370.78 |
| Second P&I | — | $1,604.76 | — |
| Mortgage insurance | $100.89 | $100.89 | $69.99 |
| Taxes, insurance & HOA | $380.58 | $380.58 | $380.58 |
| Total housing payment | $1,112.35 | $2,717.11 | $2,821.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,036
Closing costs & prepaids$12,580
Usable credit−$0
Total buyer cash needed$51,616
Earnest money paid−$0
Remaining funds due$51,616
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,890.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$466.75
Initial HOA (3 months)$225.00
Prepaid interest, first (9 days)$94.73
Prepaid interest, second (9 days)$428.05
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 3 moOf the original 28-year loan at 3.05%
Interest already paid$19,492Through Dec 2026
Assumption only · ends Mar 2050$66,367
Assumption + second · ends Mar 2050, second Jan 2057$420,082
New conventional · ends Jan 2057$511,705