Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,105/mo
Lowest payment- Down payment
- $263,751
- Funds due
- $276,646
- Interest + MI left
- $168,119
- First ends
- Mar 2050
Assumption
Assumption + second
$3,609/mo
+$1,504/mo- Down payment
- $53,751
- Funds due
- $68,297
- Interest + MI left
- $499,726
- First ends
- Mar 2050
New loan
New conventional
$3,780/mo
+$1,675/mo- Down payment
- $53,751
- Funds due
- $64,908
- Interest + MI left
- $696,353
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $266,248 | $266,248 | $476,248 |
| Second mortgage | — | $210,000 | — |
| First P&I | $1,427.13 | $1,427.13 | $3,226.27 |
| Second P&I | — | $1,504.47 | — |
| Mortgage insurance | $219.08 | $219.08 | $95.25 |
| Taxes, insurance & HOA | $458.67 | $458.67 | $458.67 |
| Total housing payment | $2,104.88 | $3,609.34 | $3,780.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,751
Closing costs & prepaids$14,547
Usable credit−$0
Total buyer cash needed$68,297
Earnest money paid−$0
Remaining funds due$68,297
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,299.99
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)$636.00
Initial HOA (3 months)$240.00
Prepaid interest, first (9 days)$244.22
Prepaid interest, second (9 days)$401.30
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 30-year loan at 3.72%
Interest already paid$72,552Through Dec 2026
Assumption only · ends Mar 2050$168,119
Assumption + second · ends Mar 2050, second Jan 2057$499,726
New conventional · ends Jan 2057$696,353