Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,136/mo
Lowest payment- Down payment
- $309,338
- Funds due
- $322,791
- Interest + MI left
- $168,919
- First ends
- Jul 2050
Assumption
Assumption + second
$3,920/mo
+$1,784/mo- Down payment
- $60,338
- Funds due
- $75,516
- Interest + MI left
- $562,111
- First ends
- Jul 2050
New loan
New conventional
$4,177/mo
+$2,041/mo- Down payment
- $60,338
- Funds due
- $72,104
- Interest + MI left
- $789,074
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $290,661 | $290,661 | $539,661 |
| Second mortgage | — | $249,000 | — |
| First P&I | $1,483.97 | $1,483.97 | $3,655.85 |
| Second P&I | — | $1,783.87 | — |
| Mortgage insurance | $239.11 | $239.11 | $107.93 |
| Taxes, insurance & HOA | $412.92 | $412.92 | $412.92 |
| Total housing payment | $2,135.99 | $3,919.86 | $4,176.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,338
Closing costs & prepaids$15,178
Usable credit−$0
Total buyer cash needed$75,516
Earnest money paid−$0
Remaining funds due$75,516
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,999.99
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)$720.00
Initial HOA (3 months)$18.75
Prepaid interest, first (9 days)$238.66
Prepaid interest, second (9 days)$475.83
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$67,361Through Dec 2026
Assumption only · ends Jul 2050$168,919
Assumption + second · ends Jul 2050, second Jan 2057$562,111
New conventional · ends Jan 2057$789,074