Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,929/mo
Lowest payment- Down payment
- $222,981
- Funds due
- $234,995
- Interest + MI left
- $149,367
- First ends
- Jun 2050
Assumption
Assumption + second
$3,205/mo
+$1,277/mo- Down payment
- $48,981
- Funds due
- $62,283
- Interest + MI left
- $434,997
- First ends
- Jun 2050
New loan
New conventional
$3,475/mo
+$1,547/mo- Down payment
- $48,981
- Funds due
- $58,769
- Interest + MI left
- $653,582
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $257,018 | $257,018 | $431,018 |
| Second mortgage | — | $174,000 | — |
| First P&I | $1,312.20 | $1,312.20 | $2,984.28 |
| Second P&I | — | $1,276.75 | — |
| Mortgage insurance | $211.43 | $211.43 | $86.20 |
| Taxes, insurance & HOA | $405.00 | $405.00 | $405.00 |
| Total housing payment | $1,928.63 | $3,205.39 | $3,475.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,981
Closing costs & prepaids$13,302
Usable credit−$0
Total buyer cash needed$62,283
Earnest money paid−$0
Remaining funds due$62,283
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,799.99
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)$505.00
Initial HOA (3 months)$210.00
Prepaid interest, first (1 days)$23.45
Prepaid interest, second (1 days)$38.14
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$59,564Through Nov 2026
Assumption only · ends Jun 2050$149,367
Assumption + second · ends Jun 2050, second Dec 2056$434,997
New conventional · ends Dec 2056$653,582