Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,620/mo
Lowest payment- Down payment
- $262,321
- Funds due
- $274,310
- Interest + MI left
- $112,400
- First ends
- Aug 2050
Assumption
Assumption + second
$3,168/mo
+$1,547/mo- Down payment
- $46,321
- Funds due
- $59,605
- Interest + MI left
- $453,482
- First ends
- Aug 2050
New loan
New conventional
$3,409/mo
+$1,788/mo- Down payment
- $46,321
- Funds due
- $56,113
- Interest + MI left
- $625,855
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $196,679 | $196,679 | $412,679 |
| Second mortgage | — | $216,000 | — |
| First P&I | $990.23 | $990.23 | $2,857.31 |
| Second P&I | — | $1,547.45 | — |
| Mortgage insurance | $161.37 | $161.37 | $82.54 |
| Taxes, insurance & HOA | $468.84 | $468.84 | $468.84 |
| Total housing payment | $1,620.44 | $3,167.89 | $3,408.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,321
Closing costs & prepaids$13,285
Usable credit−$0
Total buyer cash needed$59,605
Earnest money paid−$0
Remaining funds due$59,605
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,590.00
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)$792.75
Initial HOA (3 months)$113.76
Prepaid interest, first (1 days)$17.46
Prepaid interest, second (1 days)$45.86
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 9 moOf the original 30-year loan at 3.240%
Interest already paid$43,129Through Nov 2026
Assumption only · ends Aug 2050$112,400
Assumption + second · ends Aug 2050, second Dec 2056$453,482
New conventional · ends Dec 2056$625,855