Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,271/mo
Lowest payment- Down payment
- $210,453
- Funds due
- $223,125
- Interest + MI left
- $178,693
- First ends
- Aug 2050
Assumption
Assumption + second
$3,423/mo
+$1,152/mo- Down payment
- $53,453
- Funds due
- $67,581
- Interest + MI left
- $436,417
- First ends
- Aug 2050
New loan
New conventional
$3,715/mo
+$1,444/mo- Down payment
- $53,453
- Funds due
- $64,180
- Interest + MI left
- $689,385
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $314,547 | $314,547 | $471,547 |
| Second mortgage | — | $157,000 | — |
| First P&I | $1,585.72 | $1,585.72 | $3,194.42 |
| Second P&I | — | $1,152.01 | — |
| Mortgage insurance | $258.74 | $258.74 | $94.31 |
| Taxes, insurance & HOA | $426.67 | $426.67 | $426.67 |
| Total housing payment | $2,271.13 | $3,423.14 | $3,715.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,453
Closing costs & prepaids$14,128
Usable credit−$0
Total buyer cash needed$67,581
Earnest money paid−$0
Remaining funds due$67,581
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,250.00
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)$630.00
Initial HOA (3 months)$150.00
Prepaid interest, first (6 days)$167.01
Prepaid interest, second (6 days)$206.47
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$69,780Through Dec 2026
Assumption only · ends Aug 2050$178,693
Assumption + second · ends Aug 2050, second Jan 2057$436,417
New conventional · ends Jan 2057$689,385