Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,133/mo
Lowest payment- Down payment
- $246,202
- Funds due
- $259,064
- Interest + MI left
- $163,522
- First ends
- Jul 2050
Assumption
Assumption + second
$3,542/mo
+$1,409/mo- Down payment
- $54,202
- Funds due
- $68,692
- Interest + MI left
- $478,700
- First ends
- Jul 2050
New loan
New conventional
$3,789/mo
+$1,656/mo- Down payment
- $54,202
- Funds due
- $65,343
- Interest + MI left
- $703,006
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $288,798 | $288,798 | $480,798 |
| Second mortgage | — | $192,000 | — |
| First P&I | $1,459.35 | $1,459.35 | $3,257.09 |
| Second P&I | — | $1,408.83 | — |
| Mortgage insurance | $238.12 | $238.12 | $96.16 |
| Taxes, insurance & HOA | $435.67 | $435.67 | $435.67 |
| Total housing payment | $2,133.13 | $3,541.96 | $3,788.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,202
Closing costs & prepaids$14,491
Usable credit−$0
Total buyer cash needed$68,692
Earnest money paid−$0
Remaining funds due$68,692
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,350.00
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)$642.00
Initial HOA (3 months)$165.00
Prepaid interest, first (9 days)$230.01
Prepaid interest, second (9 days)$378.74
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$64,998Through Dec 2026
Assumption only · ends Jul 2050$163,522
Assumption + second · ends Jul 2050, second Jan 2057$478,700
New conventional · ends Jan 2057$703,006