Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,852/mo
Lowest payment- Down payment
- $205,234
- Funds due
- $216,735
- Interest + MI left
- $142,241
- First ends
- Jun 2050
Assumption
Assumption + second
$3,026/mo
+$1,174/mo- Down payment
- $45,234
- Funds due
- $58,020
- Interest + MI left
- $404,890
- First ends
- Jun 2050
New loan
New conventional
$3,285/mo
+$1,432/mo- Down payment
- $45,234
- Funds due
- $54,543
- Interest + MI left
- $613,840
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $244,756 | $244,756 | $404,756 |
| Second mortgage | — | $160,000 | — |
| First P&I | $1,249.60 | $1,249.60 | $2,802.45 |
| Second P&I | — | $1,174.02 | — |
| Mortgage insurance | $201.35 | $201.35 | $80.95 |
| Taxes, insurance & HOA | $401.42 | $401.42 | $401.42 |
| Total housing payment | $1,852.37 | $3,026.39 | $3,284.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,234
Closing costs & prepaids$12,787
Usable credit−$0
Total buyer cash needed$58,020
Earnest money paid−$0
Remaining funds due$58,020
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,499.90
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)$572.25
Initial HOA (3 months)$182.01
Prepaid interest, first (1 days)$22.33
Prepaid interest, second (1 days)$35.07
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 3.330%
Interest already paid$56,723Through Nov 2026
Assumption only · ends Jun 2050$142,241
Assumption + second · ends Jun 2050, second Dec 2056$404,890
New conventional · ends Dec 2056$613,840