Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,535/mo
Lowest payment- Down payment
- $199,740
- Funds due
- $212,737
- Interest + MI left
- $207,503
- First ends
- Aug 2050
Assumption
Assumption + second
$3,584/mo
+$1,049/mo- Down payment
- $56,740
- Funds due
- $71,175
- Interest + MI left
- $442,245
- First ends
- Aug 2050
New loan
New conventional
$3,937/mo
+$1,403/mo- Down payment
- $56,740
- Funds due
- $67,775
- Interest + MI left
- $743,160
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $365,260 | $365,260 | $508,260 |
| Second mortgage | — | $143,000 | — |
| First P&I | $1,841.38 | $1,841.38 | $3,443.13 |
| Second P&I | — | $1,049.28 | — |
| Mortgage insurance | $300.46 | $300.46 | $101.65 |
| Taxes, insurance & HOA | $392.67 | $392.67 | $392.67 |
| Total housing payment | $2,534.51 | $3,583.79 | $3,937.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,740
Closing costs & prepaids$14,435
Usable credit−$0
Total buyer cash needed$71,175
Earnest money paid−$0
Remaining funds due$71,175
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,650.00
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)$678.00
Prepaid interest, first (6 days)$193.94
Prepaid interest, second (6 days)$188.05
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 8 moOf the original 30-year loan at 3.23%
Interest already paid$81,030Through Dec 2026
Assumption only · ends Aug 2050$207,503
Assumption + second · ends Aug 2050, second Jan 2057$442,245
New conventional · ends Jan 2057$743,160