Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,716/mo
Lowest payment- Down payment
- $216,507
- Funds due
- $227,867
- Interest + MI left
- $130,831
- First ends
- Jun 2050
Assumption
Assumption + second
$2,978/mo
+$1,262/mo- Down payment
- $44,507
- Funds due
- $57,155
- Interest + MI left
- $413,178
- First ends
- Jun 2050
New loan
New conventional
$3,205/mo
+$1,489/mo- Down payment
- $44,507
- Funds due
- $53,682
- Interest + MI left
- $599,561
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $223,393 | $223,393 | $395,393 |
| Second mortgage | — | $172,000 | — |
| First P&I | $1,144.05 | $1,144.05 | $2,737.62 |
| Second P&I | — | $1,262.08 | — |
| Mortgage insurance | $183.65 | $183.65 | $79.08 |
| Taxes, insurance & HOA | $388.67 | $388.67 | $388.67 |
| Total housing payment | $1,716.37 | $2,978.44 | $3,205.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,507
Closing costs & prepaids$12,648
Usable credit−$0
Total buyer cash needed$57,155
Earnest money paid−$0
Remaining funds due$57,155
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,399.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$356.00
Initial HOA (3 months)$360.00
Prepaid interest, first (1 days)$20.56
Prepaid interest, second (1 days)$37.70
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 3.360%
Interest already paid$52,220Through Nov 2026
Assumption only · ends Jun 2050$130,831
Assumption + second · ends Jun 2050, second Dec 2056$413,178
New conventional · ends Dec 2056$599,561