Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,146/mo
Lowest payment- Down payment
- $338,409
- Funds due
- $352,212
- Interest + MI left
- $166,495
- First ends
- Jul 2050
Assumption
Assumption + second
$4,116/mo
+$1,970/mo- Down payment
- $63,409
- Funds due
- $78,987
- Interest + MI left
- $600,744
- First ends
- Jul 2050
New loan
New conventional
$4,364/mo
+$2,218/mo- Down payment
- $63,409
- Funds due
- $75,536
- Interest + MI left
- $820,993
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $286,491 | $286,491 | $561,491 |
| Second mortgage | — | $275,000 | — |
| First P&I | $1,462.68 | $1,462.68 | $3,803.74 |
| Second P&I | — | $1,970.13 | — |
| Mortgage insurance | $235.68 | $235.68 | $112.30 |
| Taxes, insurance & HOA | $447.67 | $447.67 | $447.67 |
| Total housing payment | $2,146.02 | $4,116.15 | $4,363.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,409
Closing costs & prepaids$15,578
Usable credit−$0
Total buyer cash needed$78,987
Earnest money paid−$0
Remaining funds due$78,987
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,249.00
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)$750.00
Initial HOA (3 months)$93.00
Prepaid interest, first (9 days)$235.24
Prepaid interest, second (9 days)$525.51
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$66,395Through Dec 2026
Assumption only · ends Jul 2050$166,495
Assumption + second · ends Jul 2050, second Jan 2057$600,744
New conventional · ends Jan 2057$820,993