Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,387/mo
Lowest payment- Down payment
- $296,122
- Funds due
- $309,939
- Interest + MI left
- $173,419
- First ends
- Jun 2050
Assumption
Assumption + second
$4,078/mo
+$1,691/mo- Down payment
- $60,122
- Funds due
- $75,290
- Interest + MI left
- $546,083
- First ends
- Jun 2050
New loan
New conventional
$4,442/mo
+$2,055/mo- Down payment
- $60,122
- Funds due
- $71,703
- Interest + MI left
- $818,760
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $303,877 | $303,877 | $539,877 |
| Second mortgage | — | $236,000 | — |
| First P&I | $1,540.30 | $1,540.30 | $3,738.00 |
| Second P&I | — | $1,690.73 | — |
| Mortgage insurance | $250.38 | $250.38 | $107.98 |
| Taxes, insurance & HOA | $596.16 | $596.16 | $596.16 |
| Total housing payment | $2,386.85 | $4,077.58 | $4,442.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,122
Closing costs & prepaids$15,168
Usable credit−$0
Total buyer cash needed$75,290
Earnest money paid−$0
Remaining funds due$75,290
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)$1,247.75
Initial HOA (3 months)$40.74
Prepaid interest, first (2 days)$54.28
Prepaid interest, second (2 days)$100.22
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 3.260%
Interest already paid$69,002Through Nov 2026
Assumption only · ends Jun 2050$173,419
Assumption + second · ends Jun 2050, second Dec 2056$546,083
New conventional · ends Dec 2056$818,760