Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,990/mo
Lowest payment- Down payment
- $174,480
- Funds due
- $188,077
- Interest + MI left
- $251,090
- First ends
- Sep 2050
Assumption
Assumption + second
$3,812/mo
+$822/mo- Down payment
- $62,480
- Funds due
- $77,474
- Interest + MI left
- $434,943
- First ends
- Sep 2050
New loan
New conventional
$4,266/mo
+$1,276/mo- Down payment
- $62,480
- Funds due
- $74,070
- Interest + MI left
- $807,765
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $440,520 | $440,520 | $552,520 |
| Second mortgage | — | $112,000 | — |
| First P&I | $2,215.60 | $2,215.60 | $3,742.96 |
| Second P&I | — | $821.82 | — |
| Mortgage insurance | $361.52 | $361.52 | $110.50 |
| Taxes, insurance & HOA | $412.67 | $412.67 | $412.67 |
| Total housing payment | $2,989.78 | $3,811.60 | $4,266.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,480
Closing costs & prepaids$14,994
Usable credit−$0
Total buyer cash needed$77,474
Earnest money paid−$0
Remaining funds due$77,474
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,150.00
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)$738.00
Prepaid interest, first (6 days)$233.90
Prepaid interest, second (6 days)$147.29
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 9 moOf the original 30-year loan at 3.23%
Interest already paid$96,312Through Dec 2026
Assumption only · ends Sep 2050$251,090
Assumption + second · ends Sep 2050, second Jan 2057$434,943
New conventional · ends Jan 2057$807,765