Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,768/mo
Lowest payment- Down payment
- $202,025
- Funds due
- $213,554
- Interest + MI left
- $130,090
- First ends
- Jun 2050
Assumption
Assumption + second
$2,934/mo
+$1,167/mo- Down payment
- $43,025
- Funds due
- $56,117
- Interest + MI left
- $391,096
- First ends
- Jun 2050
New loan
New conventional
$3,103/mo
+$1,336/mo- Down payment
- $43,025
- Funds due
- $52,815
- Interest + MI left
- $558,364
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $222,875 | $222,875 | $381,875 |
| Second mortgage | — | $159,000 | — |
| First P&I | $1,144.05 | $1,144.05 | $2,586.95 |
| Second P&I | — | $1,166.69 | — |
| Mortgage insurance | $183.65 | $183.65 | $76.38 |
| Taxes, insurance & HOA | $440.00 | $440.00 | $440.00 |
| Total housing payment | $1,767.70 | $2,934.39 | $3,103.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,025
Closing costs & prepaids$13,092
Usable credit−$0
Total buyer cash needed$56,117
Earnest money paid−$0
Remaining funds due$56,117
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,249.00
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)$510.00
Initial HOA (3 months)$360.00
Prepaid interest, first (9 days)$184.65
Prepaid interest, second (9 days)$313.64
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 6 moOf the original 30-year loan at 3.36%
Interest already paid$52,845Through Dec 2026
Assumption only · ends Jun 2050$130,090
Assumption + second · ends Jun 2050, second Jan 2057$391,096
New conventional · ends Jan 2057$558,364