Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,347/mo
Lowest payment- Down payment
- $186,911
- Funds due
- $199,564
- Interest + MI left
- $172,699
- First ends
- Aug 2050
Assumption
Assumption + second
$3,353/mo
+$1,005/mo- Down payment
- $49,911
- Funds due
- $63,874
- Interest + MI left
- $397,592
- First ends
- Aug 2050
New loan
New conventional
$3,709/mo
+$1,362/mo- Down payment
- $49,911
- Funds due
- $60,389
- Interest + MI left
- $667,185
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $302,989 | $302,989 | $439,989 |
| Second mortgage | — | $137,000 | — |
| First P&I | $1,523.88 | $1,523.88 | $3,046.39 |
| Second P&I | — | $1,005.26 | — |
| Mortgage insurance | $248.65 | $248.65 | $88.00 |
| Taxes, insurance & HOA | $574.92 | $574.92 | $574.92 |
| Total housing payment | $2,347.45 | $3,352.71 | $3,709.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,911
Closing costs & prepaids$13,962
Usable credit−$0
Total buyer cash needed$63,874
Earnest money paid−$0
Remaining funds due$63,874
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,899.00
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)$969.75
Initial HOA (3 months)$255.00
Prepaid interest, first (2 days)$53.62
Prepaid interest, second (2 days)$60.05
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$66,243Through Nov 2026
Assumption only · ends Aug 2050$172,699
Assumption + second · ends Aug 2050, second Dec 2056$397,592
New conventional · ends Dec 2056$667,185