Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,744/mo
Lowest payment- Down payment
- $215,466
- Funds due
- $227,101
- Interest + MI left
- $126,568
- First ends
- Jul 2050
Assumption
Assumption + second
$2,999/mo
+$1,255/mo- Down payment
- $44,466
- Funds due
- $57,688
- Interest + MI left
- $407,274
- First ends
- Jul 2050
New loan
New conventional
$3,182/mo
+$1,438/mo- Down payment
- $44,466
- Funds due
- $54,377
- Interest + MI left
- $576,874
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $223,534 | $223,534 | $394,534 |
| Second mortgage | — | $171,000 | — |
| First P&I | $1,129.55 | $1,129.55 | $2,672.71 |
| Second P&I | — | $1,254.74 | — |
| Mortgage insurance | $184.31 | $184.31 | $78.91 |
| Taxes, insurance & HOA | $430.58 | $430.58 | $430.58 |
| Total housing payment | $1,744.44 | $2,999.18 | $3,182.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,466
Closing costs & prepaids$13,222
Usable credit−$0
Total buyer cash needed$57,688
Earnest money paid−$0
Remaining funds due$57,688
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,390.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$526.75
Initial HOA (3 months)$315.00
Prepaid interest, first (9 days)$178.03
Prepaid interest, second (9 days)$337.32
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 3.23%
Interest already paid$50,309Through Dec 2026
Assumption only · ends Jul 2050$126,568
Assumption + second · ends Jul 2050, second Jan 2057$407,274
New conventional · ends Jan 2057$576,874