Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,602/mo
Lowest payment- Down payment
- $180,759
- Funds due
- $193,740
- Interest + MI left
- $209,765
- First ends
- Aug 2050
Assumption
Assumption + second
$3,519/mo
+$917/mo- Down payment
- $55,759
- Funds due
- $70,154
- Interest + MI left
- $414,959
- First ends
- Aug 2050
New loan
New conventional
$3,884/mo
+$1,282/mo- Down payment
- $55,759
- Funds due
- $66,770
- Interest + MI left
- $722,662
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $369,241 | $369,241 | $494,241 |
| Second mortgage | — | $125,000 | — |
| First P&I | $1,861.45 | $1,861.45 | $3,348.16 |
| Second P&I | — | $917.21 | — |
| Mortgage insurance | $303.73 | $303.73 | $98.85 |
| Taxes, insurance & HOA | $436.67 | $436.67 | $436.67 |
| Total housing payment | $2,601.85 | $3,519.06 | $3,883.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,759
Closing costs & prepaids$14,395
Usable credit−$0
Total buyer cash needed$70,154
Earnest money paid−$0
Remaining funds due$70,154
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,500.00
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)$660.00
Initial HOA (3 months)$150.00
Prepaid interest, first (6 days)$196.05
Prepaid interest, second (6 days)$164.38
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$81,913Through Dec 2026
Assumption only · ends Aug 2050$209,765
Assumption + second · ends Aug 2050, second Jan 2057$414,959
New conventional · ends Jan 2057$722,662