Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,231/mo
Lowest payment- Down payment
- $157,819
- Funds due
- $167,797
- Interest + MI left
- $89,294
- First ends
- Aug 2050
Assumption
Assumption + second
$2,155/mo
+$925/mo- Down payment
- $31,819
- Funds due
- $43,295
- Interest + MI left
- $296,129
- First ends
- Aug 2050
New loan
New conventional
$2,284/mo
+$1,053/mo- Down payment
- $31,819
- Funds due
- $40,054
- Interest + MI left
- $414,057
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $157,181 | $157,181 | $283,181 |
| Second mortgage | — | $126,000 | — |
| First P&I | $792.39 | $792.39 | $1,918.37 |
| Second P&I | — | $924.54 | — |
| Mortgage insurance | $129.29 | $129.29 | $56.64 |
| Taxes, insurance & HOA | $309.00 | $309.00 | $309.00 |
| Total housing payment | $1,230.69 | $2,155.23 | $2,284.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,819
Closing costs & prepaids$11,476
Usable credit−$0
Total buyer cash needed$43,295
Earnest money paid−$0
Remaining funds due$43,295
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,150.00
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)$378.00
Initial HOA (3 months)$99.00
Prepaid interest, first (9 days)$125.18
Prepaid interest, second (9 days)$248.55
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$34,869Through Dec 2026
Assumption only · ends Aug 2050$89,294
Assumption + second · ends Aug 2050, second Jan 2057$296,129
New conventional · ends Jan 2057$414,057