Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,462/mo
Lowest payment- Down payment
- $136,569
- Funds due
- $148,877
- Interest + MI left
- $194,534
- First ends
- Aug 2050
Assumption
Assumption + second
$3,170/mo
+$708/mo- Down payment
- $48,569
- Funds due
- $62,257
- Interest + MI left
- $361,439
- First ends
- Aug 2050
New loan
New conventional
$3,456/mo
+$994/mo- Down payment
- $48,569
- Funds due
- $58,918
- Interest + MI left
- $629,361
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $342,431 | $342,431 | $430,431 |
| Second mortgage | — | $88,000 | — |
| First P&I | $1,726.30 | $1,726.30 | $2,915.89 |
| Second P&I | — | $708.07 | — |
| Mortgage insurance | $281.68 | $281.68 | $86.09 |
| Taxes, insurance & HOA | $453.92 | $453.92 | $453.92 |
| Total housing payment | $2,461.90 | $3,169.96 | $3,455.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,569
Closing costs & prepaids$13,689
Usable credit−$0
Total buyer cash needed$62,257
Earnest money paid−$0
Remaining funds due$62,257
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,790.00
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)$574.75
Initial HOA (3 months)$287.01
Prepaid interest, first (6 days)$181.82
Prepaid interest, second (6 days)$130.19
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$75,966Through Dec 2026
Assumption only · ends Aug 2050$194,534
Assumption + second · ends Aug 2050, second Jan 2057$361,439
New conventional · ends Jan 2057$629,361