Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,221/mo
Lowest payment- Down payment
- $308,663
- Funds due
- $322,158
- Interest + MI left
- $169,879
- First ends
- Jul 2050
Assumption
Assumption + second
$3,998/mo
+$1,777/mo- Down payment
- $60,663
- Funds due
- $75,461
- Interest + MI left
- $561,492
- First ends
- Jul 2050
New loan
New conventional
$4,340/mo
+$2,119/mo- Down payment
- $60,663
- Funds due
- $71,835
- Interest + MI left
- $817,831
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $291,336 | $291,336 | $539,336 |
| Second mortgage | — | $248,000 | — |
| First P&I | $1,483.97 | $1,483.97 | $3,734.25 |
| Second P&I | — | $1,776.70 | — |
| Mortgage insurance | $239.11 | $239.11 | $107.87 |
| Taxes, insurance & HOA | $498.00 | $498.00 | $498.00 |
| Total housing payment | $2,221.07 | $3,997.78 | $4,340.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,663
Closing costs & prepaids$14,798
Usable credit−$0
Total buyer cash needed$75,461
Earnest money paid−$0
Remaining funds due$75,461
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,999.99
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)$975.25
Initial HOA (3 months)$18.75
Prepaid interest, first (1 days)$26.58
Prepaid interest, second (1 days)$52.66
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 3.330%
Interest already paid$66,553Through Nov 2026
Assumption only · ends Jul 2050$169,879
Assumption + second · ends Jul 2050, second Dec 2056$561,492
New conventional · ends Dec 2056$817,831