Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,846/mo
Lowest payment- Down payment
- $251,609
- Funds due
- $263,828
- Interest + MI left
- $138,159
- First ends
- Aug 2050
Assumption
Assumption + second
$3,293/mo
+$1,447/mo- Down payment
- $49,609
- Funds due
- $63,121
- Interest + MI left
- $457,134
- First ends
- Aug 2050
New loan
New conventional
$3,593/mo
+$1,748/mo- Down payment
- $49,609
- Funds due
- $59,601
- Interest + MI left
- $673,949
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $242,391 | $242,391 | $444,391 |
| Second mortgage | — | $202,000 | — |
| First P&I | $1,219.11 | $1,219.11 | $3,076.87 |
| Second P&I | — | $1,447.15 | — |
| Mortgage insurance | $198.92 | $198.92 | $88.88 |
| Taxes, insurance & HOA | $427.67 | $427.67 | $427.67 |
| Total housing payment | $1,845.70 | $3,292.85 | $3,593.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,609
Closing costs & prepaids$13,512
Usable credit−$0
Total buyer cash needed$63,121
Earnest money paid−$0
Remaining funds due$63,121
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,940.00
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)$465.00
Initial HOA (3 months)$318.00
Prepaid interest, first (1 days)$21.45
Prepaid interest, second (1 days)$42.89
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 3.230%
Interest already paid$52,995Through Nov 2026
Assumption only · ends Aug 2050$138,159
Assumption + second · ends Aug 2050, second Dec 2056$457,134
New conventional · ends Dec 2056$673,949