Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,477/mo
Lowest payment- Down payment
- $280,301
- Funds due
- $292,115
- Interest + MI left
- $106,651
- First ends
- May 2050
Assumption
Assumption + second
$3,154/mo
+$1,676/mo- Down payment
- $46,301
- Funds due
- $59,464
- Interest + MI left
- $476,157
- First ends
- May 2050
New loan
New conventional
$3,341/mo
+$1,864/mo- Down payment
- $46,301
- Funds due
- $55,986
- Interest + MI left
- $624,287
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $177,699 | $177,699 | $411,699 |
| Second mortgage | — | $234,000 | — |
| First P&I | $922.46 | $922.46 | $2,850.52 |
| Second P&I | — | $1,676.40 | — |
| Mortgage insurance | $146.06 | $146.06 | $82.34 |
| Taxes, insurance & HOA | $408.58 | $408.58 | $408.58 |
| Total housing payment | $1,477.10 | $3,153.51 | $3,341.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,301
Closing costs & prepaids$13,164
Usable credit−$0
Total buyer cash needed$59,464
Earnest money paid−$0
Remaining funds due$59,464
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,580.00
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)$275.75
Initial HOA (3 months)$450.00
Prepaid interest, first (2 days)$33.79
Prepaid interest, second (2 days)$99.37
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 6 moOf the original 30-year loan at 3.470%
Interest already paid$43,456Through Nov 2026
Assumption only · ends May 2050$106,651
Assumption + second · ends May 2050, second Dec 2056$476,157
New conventional · ends Dec 2056$624,287