Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,360/mo
Lowest payment- Down payment
- $232,173
- Funds due
- $245,307
- Interest + MI left
- $180,557
- First ends
- Aug 2050
Assumption
Assumption + second
$3,659/mo
+$1,299/mo- Down payment
- $55,173
- Funds due
- $69,790
- Interest + MI left
- $471,112
- First ends
- Aug 2050
New loan
New conventional
$3,948/mo
+$1,587/mo- Down payment
- $55,173
- Funds due
- $66,370
- Interest + MI left
- $723,519
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $317,827 | $317,827 | $494,827 |
| Second mortgage | — | $177,000 | — |
| First P&I | $1,602.26 | $1,602.26 | $3,352.13 |
| Second P&I | — | $1,298.76 | — |
| Mortgage insurance | $261.44 | $261.44 | $98.97 |
| Taxes, insurance & HOA | $496.67 | $496.67 | $496.67 |
| Total housing payment | $2,360.36 | $3,659.13 | $3,947.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,173
Closing costs & prepaids$14,617
Usable credit−$0
Total buyer cash needed$69,790
Earnest money paid−$0
Remaining funds due$69,790
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)$330.00
Prepaid interest, first (6 days)$168.75
Prepaid interest, second (6 days)$232.77
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$70,508Through Dec 2026
Assumption only · ends Aug 2050$180,557
Assumption + second · ends Aug 2050, second Jan 2057$471,112
New conventional · ends Jan 2057$723,519