Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,135/mo
Lowest payment- Down payment
- $223,113
- Funds due
- $235,778
- Interest + MI left
- $167,037
- First ends
- Sep 2050
Assumption
Assumption + second
$3,405/mo
+$1,269/mo- Down payment
- $50,113
- Funds due
- $64,369
- Interest + MI left
- $451,026
- First ends
- Sep 2050
New loan
New conventional
$3,622/mo
+$1,487/mo- Down payment
- $50,113
- Funds due
- $61,037
- Interest + MI left
- $657,809
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $276,887 | $276,887 | $449,887 |
| Second mortgage | — | $173,000 | — |
| First P&I | $1,424.63 | $1,424.63 | $3,047.69 |
| Second P&I | — | $1,269.41 | — |
| Mortgage insurance | $226.13 | $226.13 | $89.98 |
| Taxes, insurance & HOA | $484.67 | $484.67 | $484.67 |
| Total housing payment | $2,135.43 | $3,404.84 | $3,622.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,113
Closing costs & prepaids$14,256
Usable credit−$0
Total buyer cash needed$64,369
Earnest money paid−$0
Remaining funds due$64,369
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,000.00
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)$600.00
Initial HOA (3 months)$354.00
Prepaid interest, first (9 days)$235.54
Prepaid interest, second (9 days)$341.26
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 3.45%
Interest already paid$64,495Through Dec 2026
Assumption only · ends Sep 2050$167,037
Assumption + second · ends Sep 2050, second Jan 2057$451,026
New conventional · ends Jan 2057$657,809