Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,005/mo
Lowest payment- Down payment
- $228,556
- Funds due
- $243,442
- Interest + MI left
- $181,440
- First ends
- Jun 2050
Assumption
Assumption + second
$4,274/mo
+$1,269/mo- Down payment
- $55,556
- Funds due
- $71,768
- Interest + MI left
- $465,429
- First ends
- Jun 2050
New loan
New conventional
$4,636/mo
+$1,632/mo- Down payment
- $55,556
- Funds due
- $68,229
- Interest + MI left
- $748,242
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $320,444 | $320,444 | $493,444 |
| Second mortgage | — | $173,000 | — |
| First P&I | $1,619.25 | $1,619.25 | $3,416.51 |
| Second P&I | — | $1,269.41 | — |
| Mortgage insurance | $264.21 | $264.21 | $98.69 |
| Taxes, insurance & HOA | $1,121.17 | $1,121.17 | $1,121.17 |
| Total housing payment | $3,004.63 | $4,274.05 | $4,636.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,556
Closing costs & prepaids$16,211
Usable credit−$0
Total buyer cash needed$71,768
Earnest money paid−$0
Remaining funds due$71,768
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,490.00
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)$1,372.50
Initial HOA (3 months)$1,491.00
Prepaid interest, first (2 days)$56.71
Prepaid interest, second (2 days)$75.84
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 3.230%
Interest already paid$72,120Through Nov 2026
Assumption only · ends Jun 2050$181,440
Assumption + second · ends Jun 2050, second Dec 2056$465,429
New conventional · ends Dec 2056$748,242