Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,782/mo
Lowest payment- Down payment
- $315,544
- Funds due
- $328,215
- Interest + MI left
- $136,083
- First ends
- Mar 2050
Assumption
Assumption + second
$3,659/mo
+$1,877/mo- Down payment
- $53,544
- Funds due
- $67,521
- Interest + MI left
- $549,803
- First ends
- Mar 2050
New loan
New conventional
$3,851/mo
+$2,070/mo- Down payment
- $53,544
- Funds due
- $63,954
- Interest + MI left
- $722,179
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $214,256 | $214,256 | $476,256 |
| Second mortgage | — | $262,000 | — |
| First P&I | $1,147.01 | $1,147.01 | $3,297.50 |
| Second P&I | — | $1,877.00 | — |
| Mortgage insurance | $175.87 | $175.87 | $95.25 |
| Taxes, insurance & HOA | $458.67 | $458.67 | $458.67 |
| Total housing payment | $1,781.54 | $3,658.54 | $3,851.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,544
Closing costs & prepaids$13,977
Usable credit−$0
Total buyer cash needed$67,521
Earnest money paid−$0
Remaining funds due$67,521
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,298.00
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)$556.00
Initial HOA (3 months)$320.01
Prepaid interest, first (1 days)$21.90
Prepaid interest, second (1 days)$55.63
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 4 moOf the original 30-year loan at 3.730%
Interest already paid$57,736Through Nov 2026
Assumption only · ends Mar 2050$136,083
Assumption + second · ends Mar 2050, second Dec 2056$549,803
New conventional · ends Dec 2056$722,179