Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,952/mo
Lowest payment- Down payment
- $223,580
- Funds due
- $235,852
- Interest + MI left
- $148,521
- First ends
- Jun 2050
Assumption
Assumption + second
$3,236/mo
+$1,284/mo- Down payment
- $48,580
- Funds due
- $62,447
- Interest + MI left
- $435,792
- First ends
- Jun 2050
New loan
New conventional
$3,438/mo
+$1,485/mo- Down payment
- $48,580
- Funds due
- $59,119
- Interest + MI left
- $630,806
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $256,419 | $256,419 | $431,419 |
| Second mortgage | — | $175,000 | — |
| First P&I | $1,312.20 | $1,312.20 | $2,922.58 |
| Second P&I | — | $1,284.09 | — |
| Mortgage insurance | $211.43 | $211.43 | $86.28 |
| Taxes, insurance & HOA | $428.67 | $428.67 | $428.67 |
| Total housing payment | $1,952.30 | $3,236.39 | $3,437.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,580
Closing costs & prepaids$13,867
Usable credit−$0
Total buyer cash needed$62,447
Earnest money paid−$0
Remaining funds due$62,447
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,799.99
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)$576.00
Initial HOA (3 months)$210.00
Prepaid interest, first (9 days)$210.54
Prepaid interest, second (9 days)$345.21
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 3.33%
Interest already paid$60,278Through Dec 2026
Assumption only · ends Jun 2050$148,521
Assumption + second · ends Jun 2050, second Jan 2057$435,792
New conventional · ends Jan 2057$630,806