Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,964/mo
Lowest payment- Down payment
- $217,833
- Funds due
- $230,108
- Interest + MI left
- $149,969
- First ends
- Oct 2050
Assumption
Assumption + second
$3,204/mo
+$1,240/mo- Down payment
- $48,833
- Funds due
- $62,691
- Interest + MI left
- $427,391
- First ends
- Oct 2050
New loan
New conventional
$3,456/mo
+$1,492/mo- Down payment
- $48,833
- Funds due
- $59,384
- Interest + MI left
- $637,748
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $267,167 | $267,167 | $436,167 |
| Second mortgage | — | $169,000 | — |
| First P&I | $1,330.84 | $1,330.84 | $2,954.75 |
| Second P&I | — | $1,240.06 | — |
| Mortgage insurance | $219.08 | $219.08 | $87.23 |
| Taxes, insurance & HOA | $414.00 | $414.00 | $414.00 |
| Total housing payment | $1,963.92 | $3,203.98 | $3,455.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,833
Closing costs & prepaids$13,859
Usable credit−$0
Total buyer cash needed$62,691
Earnest money paid−$0
Remaining funds due$62,691
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,850.00
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)$582.00
Initial HOA (3 months)$159.99
Prepaid interest, first (9 days)$208.17
Prepaid interest, second (9 days)$333.37
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 10 moOf the original 30-year loan at 3.16%
Interest already paid$56,355Through Dec 2026
Assumption only · ends Oct 2050$149,969
Assumption + second · ends Oct 2050, second Jan 2057$427,391
New conventional · ends Jan 2057$637,748