Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,879/mo
Lowest payment- Down payment
- $228,075
- Funds due
- $240,324
- Interest + MI left
- $137,380
- First ends
- Aug 2050
Assumption
Assumption + second
$3,207/mo
+$1,328/mo- Down payment
- $47,075
- Funds due
- $60,931
- Interest + MI left
- $434,501
- First ends
- Aug 2050
New loan
New conventional
$3,410/mo
+$1,531/mo- Down payment
- $47,075
- Funds due
- $57,609
- Interest + MI left
- $618,240
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $241,825 | $241,825 | $422,825 |
| Second mortgage | — | $181,000 | — |
| First P&I | $1,219.11 | $1,219.11 | $2,864.36 |
| Second P&I | — | $1,328.11 | — |
| Mortgage insurance | $198.92 | $198.92 | $84.57 |
| Taxes, insurance & HOA | $460.67 | $460.67 | $460.67 |
| Total housing payment | $1,878.70 | $3,206.81 | $3,409.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,075
Closing costs & prepaids$13,856
Usable credit−$0
Total buyer cash needed$60,931
Earnest money paid−$0
Remaining funds due$60,931
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,699.00
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)$564.00
Initial HOA (3 months)$318.00
Prepaid interest, first (9 days)$192.60
Prepaid interest, second (9 days)$357.04
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 8 moOf the original 30-year loan at 3.23%
Interest already paid$53,647Through Dec 2026
Assumption only · ends Aug 2050$137,380
Assumption + second · ends Aug 2050, second Jan 2057$434,501
New conventional · ends Jan 2057$618,240