Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,753/mo
Lowest payment- Down payment
- $231,983
- Funds due
- $244,041
- Interest + MI left
- $122,964
- First ends
- Jul 2050
Assumption
Assumption + second
$3,118/mo
+$1,365/mo- Down payment
- $45,983
- Funds due
- $59,658
- Interest + MI left
- $428,293
- First ends
- Jul 2050
New loan
New conventional
$3,306/mo
+$1,553/mo- Down payment
- $45,983
- Funds due
- $56,333
- Interest + MI left
- $598,051
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $223,017 | $223,017 | $409,017 |
| Second mortgage | — | $186,000 | — |
| First P&I | $1,115.34 | $1,115.34 | $2,770.82 |
| Second P&I | — | $1,364.80 | — |
| Mortgage insurance | $184.31 | $184.31 | $81.80 |
| Taxes, insurance & HOA | $453.67 | $453.67 | $453.67 |
| Total housing payment | $1,753.32 | $3,118.12 | $3,306.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,983
Closing costs & prepaids$13,675
Usable credit−$0
Total buyer cash needed$59,658
Earnest money paid−$0
Remaining funds due$59,658
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,550.00
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)$546.00
Initial HOA (3 months)$315.00
Prepaid interest, first (9 days)$172.12
Prepaid interest, second (9 days)$366.90
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 7 moOf the original 30-year loan at 3.13%
Interest already paid$48,698Through Dec 2026
Assumption only · ends Jul 2050$122,964
Assumption + second · ends Jul 2050, second Jan 2057$428,293
New conventional · ends Jan 2057$598,051