Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,095/mo
Lowest payment- Down payment
- $245,522
- Funds due
- $258,064
- Interest + MI left
- $164,452
- First ends
- Jul 2050
Assumption
Assumption + second
$3,503/mo
+$1,409/mo- Down payment
- $53,522
- Funds due
- $67,356
- Interest + MI left
- $479,630
- First ends
- Jul 2050
New loan
New conventional
$3,827/mo
+$1,732/mo- Down payment
- $53,522
- Funds due
- $63,801
- Interest + MI left
- $730,194
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $289,478 | $289,478 | $481,478 |
| Second mortgage | — | $192,000 | — |
| First P&I | $1,459.35 | $1,459.35 | $3,333.66 |
| Second P&I | — | $1,408.83 | — |
| Mortgage insurance | $238.12 | $238.12 | $96.30 |
| Taxes, insurance & HOA | $397.17 | $397.17 | $397.17 |
| Total housing payment | $2,094.63 | $3,503.46 | $3,827.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,522
Closing costs & prepaids$13,834
Usable credit−$0
Total buyer cash needed$67,356
Earnest money paid−$0
Remaining funds due$67,356
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,350.00
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)$526.50
Initial HOA (3 months)$165.00
Prepaid interest, first (1 days)$25.62
Prepaid interest, second (1 days)$42.08
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$64,219Through Nov 2026
Assumption only · ends Jul 2050$164,452
Assumption + second · ends Jul 2050, second Dec 2056$479,630
New conventional · ends Dec 2056$730,194