Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,695/mo
Lowest payment- Down payment
- $214,940
- Funds due
- $226,268
- Interest + MI left
- $127,288
- First ends
- Jul 2050
Assumption
Assumption + second
$2,950/mo
+$1,255/mo- Down payment
- $43,940
- Funds due
- $56,556
- Interest + MI left
- $407,993
- First ends
- Jul 2050
New loan
New conventional
$3,196/mo
+$1,500/mo- Down payment
- $43,940
- Funds due
- $53,089
- Interest + MI left
- $599,135
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $224,060 | $224,060 | $395,060 |
| Second mortgage | — | $171,000 | — |
| First P&I | $1,129.55 | $1,129.55 | $2,735.32 |
| Second P&I | — | $1,254.74 | — |
| Mortgage insurance | $184.31 | $184.31 | $79.01 |
| Taxes, insurance & HOA | $381.25 | $381.25 | $381.25 |
| Total housing payment | $1,695.11 | $2,949.85 | $3,195.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,940
Closing costs & prepaids$12,616
Usable credit−$0
Total buyer cash needed$56,556
Earnest money paid−$0
Remaining funds due$56,556
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,390.00
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)$378.75
Initial HOA (3 months)$315.00
Prepaid interest, first (1 days)$19.83
Prepaid interest, second (1 days)$37.48
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 8 moOf the original 30-year loan at 3.230%
Interest already paid$49,706Through Nov 2026
Assumption only · ends Jul 2050$127,288
Assumption + second · ends Jul 2050, second Dec 2056$407,993
New conventional · ends Dec 2056$599,135