Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,745/mo
Lowest payment- Down payment
- $187,339
- Funds due
- $198,573
- Interest + MI left
- $137,855
- First ends
- Aug 2050
Assumption
Assumption + second
$2,802/mo
+$1,057/mo- Down payment
- $43,339
- Funds due
- $56,107
- Interest + MI left
- $374,239
- First ends
- Aug 2050
New loan
New conventional
$3,019/mo
+$1,274/mo- Down payment
- $43,339
- Funds due
- $52,831
- Interest + MI left
- $565,362
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $242,661 | $242,661 | $386,661 |
| Second mortgage | — | $144,000 | — |
| First P&I | $1,223.32 | $1,223.32 | $2,619.38 |
| Second P&I | — | $1,056.62 | — |
| Mortgage insurance | $199.61 | $199.61 | $77.33 |
| Taxes, insurance & HOA | $322.00 | $322.00 | $322.00 |
| Total housing payment | $1,744.93 | $2,801.55 | $3,018.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,339
Closing costs & prepaids$12,768
Usable credit−$0
Total buyer cash needed$56,107
Earnest money paid−$0
Remaining funds due$56,107
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,300.00
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)$516.00
Prepaid interest, first (9 days)$193.26
Prepaid interest, second (9 days)$284.05
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 3.23%
Interest already paid$53,833Through Dec 2026
Assumption only · ends Aug 2050$137,855
Assumption + second · ends Aug 2050, second Jan 2057$374,239
New conventional · ends Jan 2057$565,362