Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,257/mo
Lowest payment- Down payment
- $249,724
- Funds due
- $262,621
- Interest + MI left
- $336,028
- First ends
- Jun 2055
Assumption
Assumption + second
$3,717/mo
+$1,460/mo- Down payment
- $50,724
- Funds due
- $65,263
- Interest + MI left
- $662,697
- First ends
- Jun 2055
New loan
New conventional
$3,636/mo
+$1,380/mo- Down payment
- $50,724
- Funds due
- $61,697
- Interest + MI left
- $656,770
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $250,176 | $250,176 | $449,176 |
| Second mortgage | — | $199,000 | — |
| First P&I | $1,636.37 | $1,636.37 | $3,042.87 |
| Second P&I | — | $1,460.19 | — |
| Mortgage insurance | $116.59 | $116.59 | $89.84 |
| Taxes, insurance & HOA | $503.67 | $503.67 | $503.67 |
| Total housing payment | $2,256.62 | $3,716.81 | $3,636.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,724
Closing costs & prepaids$14,539
Usable credit−$0
Total buyer cash needed$65,263
Earnest money paid−$0
Remaining funds due$65,263
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,999.00
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)$600.00
Initial HOA (3 months)$411.00
Prepaid interest, first (9 days)$411.45
Prepaid interest, second (9 days)$392.55
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 closing28 yr 6 moOf the original 30-year loan at 6.67%
Interest already paid$25,255Through Dec 2026
Assumption only · ends Jun 2055$336,028
Assumption + second · ends Jun 2055, second Jan 2057$662,697
New conventional · ends Jan 2057$656,770