Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,935/mo
Lowest payment- Down payment
- $358,223
- Funds due
- $371,874
- Interest + MI left
- $142,677
- First ends
- Jul 2050
Assumption
Assumption + second
$4,063/mo
+$2,128/mo- Down payment
- $61,223
- Funds due
- $76,691
- Interest + MI left
- $611,664
- First ends
- Jul 2050
New loan
New conventional
$4,267/mo
+$2,332/mo- Down payment
- $61,223
- Funds due
- $73,222
- Interest + MI left
- $795,092
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $246,777 | $246,777 | $543,777 |
| Second mortgage | — | $297,000 | — |
| First P&I | $1,257.33 | $1,257.33 | $3,683.73 |
| Second P&I | — | $2,127.74 | — |
| Mortgage insurance | $203.10 | $203.10 | $108.76 |
| Taxes, insurance & HOA | $474.67 | $474.67 | $474.67 |
| Total housing payment | $1,935.10 | $4,062.84 | $4,267.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$61,223
Closing costs & prepaids$15,468
Usable credit−$0
Total buyer cash needed$76,691
Earnest money paid−$0
Remaining funds due$76,691
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,050.00
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)$726.00
Initial HOA (3 months)$198.00
Prepaid interest, first (9 days)$201.41
Prepaid interest, second (9 days)$567.55
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 closing23 yr 7 moOf the original 30-year loan at 3.31%
Interest already paid$56,861Through Dec 2026
Assumption only · ends Jul 2050$142,677
Assumption + second · ends Jul 2050, second Jan 2057$611,664
New conventional · ends Jan 2057$795,092