Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,415/mo
Lowest payment- Down payment
- $202,636
- Funds due
- $213,482
- Interest + MI left
- $100,170
- First ends
- Jul 2050
Assumption
Assumption + second
$2,626/mo
+$1,211/mo- Down payment
- $37,636
- Funds due
- $50,057
- Interest + MI left
- $371,026
- First ends
- Jul 2050
New loan
New conventional
$2,746/mo
+$1,331/mo- Down payment
- $37,636
- Funds due
- $46,761
- Interest + MI left
- $493,282
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $172,364 | $172,364 | $337,364 |
| Second mortgage | — | $165,000 | — |
| First P&I | $880.00 | $880.00 | $2,285.42 |
| Second P&I | — | $1,210.71 | — |
| Mortgage insurance | $141.79 | $141.79 | $67.47 |
| Taxes, insurance & HOA | $393.00 | $393.00 | $393.00 |
| Total housing payment | $1,414.79 | $2,625.50 | $2,745.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,636
Closing costs & prepaids$12,421
Usable credit−$0
Total buyer cash needed$50,057
Earnest money paid−$0
Remaining funds due$50,057
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$450.00
Initial HOA (3 months)$279.00
Prepaid interest, first (9 days)$141.53
Prepaid interest, second (9 days)$325.48
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 3.33%
Interest already paid$39,946Through Dec 2026
Assumption only · ends Jul 2050$100,170
Assumption + second · ends Jul 2050, second Jan 2057$371,026
New conventional · ends Jan 2057$493,282