Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,819/mo
Lowest payment- Down payment
- $264,262
- Funds due
- $276,653
- Interest + MI left
- $143,461
- First ends
- Aug 2050
Assumption
Assumption + second
$3,352/mo
+$1,533/mo- Down payment
- $50,262
- Funds due
- $64,312
- Interest + MI left
- $481,385
- First ends
- Aug 2050
New loan
New conventional
$3,541/mo
+$1,722/mo- Down payment
- $50,262
- Funds due
- $60,943
- Interest + MI left
- $657,445
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $235,638 | $235,638 | $449,638 |
| Second mortgage | — | $214,000 | — |
| First P&I | $1,221.40 | $1,221.40 | $3,046.00 |
| Second P&I | — | $1,533.12 | — |
| Mortgage insurance | $192.67 | $192.67 | $89.93 |
| Taxes, insurance & HOA | $404.67 | $404.67 | $404.67 |
| Total housing payment | $1,818.73 | $3,351.86 | $3,540.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,262
Closing costs & prepaids$14,050
Usable credit−$0
Total buyer cash needed$64,312
Earnest money paid−$0
Remaining funds due$64,312
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,999.00
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)$600.00
Initial HOA (3 months)$114.00
Prepaid interest, first (9 days)$203.36
Prepaid interest, second (9 days)$408.95
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 3.5%
Interest already paid$56,465Through Dec 2026
Assumption only · ends Aug 2050$143,461
Assumption + second · ends Aug 2050, second Jan 2057$481,385
New conventional · ends Jan 2057$657,445