Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,357/mo
Lowest payment- Down payment
- $167,733
- Funds due
- $180,067
- Interest + MI left
- $191,525
- First ends
- Jul 2050
Assumption
Assumption + second
$3,215/mo
+$859/mo- Down payment
- $50,733
- Funds due
- $64,471
- Interest + MI left
- $383,587
- First ends
- Jul 2050
New loan
New conventional
$3,523/mo
+$1,166/mo- Down payment
- $50,733
- Funds due
- $61,108
- Interest + MI left
- $655,351
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $331,267 | $331,267 | $448,267 |
| Second mortgage | — | $117,000 | — |
| First P&I | $1,687.81 | $1,687.81 | $3,036.72 |
| Second P&I | — | $858.50 | — |
| Mortgage insurance | $272.64 | $272.64 | $89.65 |
| Taxes, insurance & HOA | $396.25 | $396.25 | $396.25 |
| Total housing payment | $2,356.69 | $3,215.20 | $3,522.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,733
Closing costs & prepaids$13,738
Usable credit−$0
Total buyer cash needed$64,471
Earnest money paid−$0
Remaining funds due$64,471
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,990.00
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)$598.75
Initial HOA (3 months)$90.00
Prepaid interest, first (6 days)$180.25
Prepaid interest, second (6 days)$153.86
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 3.31%
Interest already paid$76,329Through Dec 2026
Assumption only · ends Jul 2050$191,525
Assumption + second · ends Jul 2050, second Jan 2057$383,587
New conventional · ends Jan 2057$655,351