Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,764/mo
Lowest payment- Down payment
- $263,729
- Funds due
- $275,777
- Interest + MI left
- $144,275
- First ends
- Aug 2050
Assumption
Assumption + second
$3,290/mo
+$1,526/mo- Down payment
- $50,729
- Funds due
- $64,072
- Interest + MI left
- $480,620
- First ends
- Aug 2050
New loan
New conventional
$3,550/mo
+$1,786/mo- Down payment
- $50,729
- Funds due
- $60,538
- Interest + MI left
- $681,108
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $236,171 | $236,171 | $449,171 |
| Second mortgage | — | $213,000 | — |
| First P&I | $1,221.40 | $1,221.40 | $3,109.97 |
| Second P&I | — | $1,525.96 | — |
| Mortgage insurance | $192.67 | $192.67 | $89.83 |
| Taxes, insurance & HOA | $350.25 | $350.25 | $350.25 |
| Total housing payment | $1,764.32 | $3,290.28 | $3,550.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,729
Closing costs & prepaids$13,343
Usable credit−$0
Total buyer cash needed$64,072
Earnest money paid−$0
Remaining funds due$64,072
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,999.00
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)$436.75
Initial HOA (3 months)$114.00
Prepaid interest, first (1 days)$22.65
Prepaid interest, second (1 days)$45.23
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 9 moOf the original 30-year loan at 3.500%
Interest already paid$55,776Through Nov 2026
Assumption only · ends Aug 2050$144,275
Assumption + second · ends Aug 2050, second Dec 2056$480,620
New conventional · ends Dec 2056$681,108