Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,047/mo
Lowest payment- Down payment
- $199,991
- Funds due
- $212,062
- Interest + MI left
- $142,501
- First ends
- Aug 2050
Assumption
Assumption + second
$3,177/mo
+$1,130/mo- Down payment
- $45,991
- Funds due
- $59,379
- Interest + MI left
- $395,301
- First ends
- Aug 2050
New loan
New conventional
$3,462/mo
+$1,415/mo- Down payment
- $45,991
- Funds due
- $55,922
- Interest + MI left
- $612,626
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $250,009 | $250,009 | $404,009 |
| Second mortgage | — | $154,000 | — |
| First P&I | $1,257.42 | $1,257.42 | $2,797.28 |
| Second P&I | — | $1,130.00 | — |
| Mortgage insurance | $205.17 | $205.17 | $80.80 |
| Taxes, insurance & HOA | $584.00 | $584.00 | $584.00 |
| Total housing payment | $2,046.60 | $3,176.60 | $3,462.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,991
Closing costs & prepaids$13,389
Usable credit−$0
Total buyer cash needed$59,379
Earnest money paid−$0
Remaining funds due$59,379
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$1,249.00
Initial HOA (3 months)$53.01
Prepaid interest, first (2 days)$44.25
Prepaid interest, second (2 days)$67.51
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 9 moOf the original 30-year loan at 3.230%
Interest already paid$54,660Through Nov 2026
Assumption only · ends Aug 2050$142,501
Assumption + second · ends Aug 2050, second Dec 2056$395,301
New conventional · ends Dec 2056$612,626