Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,862/mo
Lowest payment- Down payment
- $377,648
- Funds due
- $391,100
- Interest + MI left
- $143,488
- First ends
- Jul 2050
Assumption
Assumption + second
$4,118/mo
+$2,257/mo- Down payment
- $62,648
- Funds due
- $77,416
- Interest + MI left
- $640,899
- First ends
- Jul 2050
New loan
New conventional
$4,407/mo
+$2,546/mo- Down payment
- $62,648
- Funds due
- $73,765
- Interest + MI left
- $852,845
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $247,352 | $247,352 | $562,352 |
| Second mortgage | — | $315,000 | — |
| First P&I | $1,257.33 | $1,257.33 | $3,893.61 |
| Second P&I | — | $2,256.70 | — |
| Mortgage insurance | $203.10 | $203.10 | $112.47 |
| Taxes, insurance & HOA | $401.33 | $401.33 | $401.33 |
| Total housing payment | $1,861.76 | $4,118.46 | $4,407.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,648
Closing costs & prepaids$14,768
Usable credit−$0
Total buyer cash needed$77,416
Earnest money paid−$0
Remaining funds due$77,416
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,250.00
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)$506.00
Initial HOA (3 months)$198.00
Prepaid interest, first (1 days)$22.43
Prepaid interest, second (1 days)$66.88
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 8 moOf the original 30-year loan at 3.310%
Interest already paid$56,179Through Nov 2026
Assumption only · ends Jul 2050$143,488
Assumption + second · ends Jul 2050, second Dec 2056$640,899
New conventional · ends Dec 2056$852,845