Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,569/mo
Lowest payment- Down payment
- $246,553
- Funds due
- $260,496
- Interest + MI left
- $168,342
- First ends
- Jun 2050
Assumption
Assumption + second
$3,993/mo
+$1,424/mo- Down payment
- $52,553
- Funds due
- $67,789
- Interest + MI left
- $486,803
- First ends
- Jun 2050
New loan
New conventional
$4,259/mo
+$1,690/mo- Down payment
- $52,553
- Funds due
- $64,240
- Interest + MI left
- $714,981
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $277,447 | $277,447 | $471,447 |
| Second mortgage | — | $194,000 | — |
| First P&I | $1,441.38 | $1,441.38 | $3,264.20 |
| Second P&I | — | $1,423.50 | — |
| Mortgage insurance | $227.37 | $227.37 | $94.29 |
| Taxes, insurance & HOA | $900.58 | $900.58 | $900.58 |
| Total housing payment | $2,569.33 | $3,992.83 | $4,259.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,553
Closing costs & prepaids$15,236
Usable credit−$0
Total buyer cash needed$67,789
Earnest money paid−$0
Remaining funds due$67,789
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,240.00
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)$1,781.75
Initial HOA (3 months)$420.00
Prepaid interest, first (1 days)$26.60
Prepaid interest, second (1 days)$42.52
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 7 moOf the original 30-year loan at 3.500%
Interest already paid$67,445Through Nov 2026
Assumption only · ends Jun 2050$168,342
Assumption + second · ends Jun 2050, second Dec 2056$486,803
New conventional · ends Dec 2056$714,981