Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,944/mo
Lowest payment- Down payment
- $243,684
- Funds due
- $256,058
- Interest + MI left
- $142,307
- First ends
- Jul 2050
Assumption
Assumption + second
$3,368/mo
+$1,424/mo- Down payment
- $49,684
- Funds due
- $63,351
- Interest + MI left
- $460,768
- First ends
- Jul 2050
New loan
New conventional
$3,625/mo
+$1,681/mo- Down payment
- $49,684
- Funds due
- $59,828
- Interest + MI left
- $666,164
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $245,316 | $245,316 | $439,316 |
| Second mortgage | — | $194,000 | — |
| First P&I | $1,246.98 | $1,246.98 | $3,041.74 |
| Second P&I | — | $1,423.50 | — |
| Mortgage insurance | $201.43 | $201.43 | $87.86 |
| Taxes, insurance & HOA | $495.67 | $495.67 | $495.67 |
| Total housing payment | $1,944.08 | $3,367.58 | $3,625.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,684
Closing costs & prepaids$13,667
Usable credit−$0
Total buyer cash needed$63,351
Earnest money paid−$0
Remaining funds due$63,351
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,890.00
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)$880.75
Initial HOA (3 months)$106.26
Prepaid interest, first (1 days)$22.25
Prepaid interest, second (1 days)$42.52
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$55,716Through Nov 2026
Assumption only · ends Jul 2050$142,307
Assumption + second · ends Jul 2050, second Dec 2056$460,768
New conventional · ends Dec 2056$666,164