Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,224/mo
Lowest payment- Down payment
- $139,568
- Funds due
- $151,553
- Interest + MI left
- $145,540
- First ends
- Jul 2050
Assumption
Assumption + second
$2,958/mo
+$734/mo- Down payment
- $39,568
- Funds due
- $52,891
- Interest + MI left
- $309,695
- First ends
- Jul 2050
New loan
New conventional
$3,167/mo
+$943/mo- Down payment
- $39,568
- Funds due
- $49,539
- Interest + MI left
- $506,354
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $250,432 | $250,432 | $350,432 |
| Second mortgage | — | $100,000 | — |
| First P&I | $1,278.58 | $1,278.58 | $2,357.38 |
| Second P&I | — | $733.76 | — |
| Mortgage insurance | $206.01 | $206.01 | $70.09 |
| Taxes, insurance & HOA | $739.50 | $739.50 | $739.50 |
| Total housing payment | $2,224.09 | $2,957.86 | $3,166.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,568
Closing costs & prepaids$13,323
Usable credit−$0
Total buyer cash needed$52,891
Earnest money paid−$0
Remaining funds due$52,891
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,900.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$994.50
Initial HOA (3 months)$774.00
Prepaid interest, first (4 days)$91.39
Prepaid interest, second (4 days)$87.67
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 3.33%
Interest already paid$58,038Through Dec 2026
Assumption only · ends Jul 2050$145,540
Assumption + second · ends Jul 2050, second Jan 2057$309,695
New conventional · ends Jan 2057$506,354