Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,148/mo
Lowest payment- Down payment
- $205,994
- Funds due
- $218,519
- Interest + MI left
- $162,756
- First ends
- Jul 2050
Assumption
Assumption + second
$3,300/mo
+$1,152/mo- Down payment
- $48,994
- Funds due
- $63,078
- Interest + MI left
- $420,479
- First ends
- Jul 2050
New loan
New conventional
$3,540/mo
+$1,392/mo- Down payment
- $48,994
- Funds due
- $59,775
- Interest + MI left
- $641,168
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $281,506 | $281,506 | $438,506 |
| Second mortgage | — | $157,000 | — |
| First P&I | $1,434.27 | $1,434.27 | $2,970.59 |
| Second P&I | — | $1,152.01 | — |
| Mortgage insurance | $231.68 | $231.68 | $87.70 |
| Taxes, insurance & HOA | $481.67 | $481.67 | $481.67 |
| Total housing payment | $2,147.62 | $3,299.63 | $3,539.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,994
Closing costs & prepaids$14,084
Usable credit−$0
Total buyer cash needed$63,078
Earnest money paid−$0
Remaining funds due$63,078
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,875.00
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)$585.00
Initial HOA (3 months)$360.00
Prepaid interest, first (9 days)$229.76
Prepaid interest, second (9 days)$309.70
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 7 moOf the original 30-year loan at 3.31%
Interest already paid$64,863Through Dec 2026
Assumption only · ends Jul 2050$162,756
Assumption + second · ends Jul 2050, second Jan 2057$420,479
New conventional · ends Jan 2057$641,168