Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,815/mo
Lowest payment- Down payment
- $186,770
- Funds due
- $198,066
- Interest + MI left
- $138,637
- First ends
- Aug 2050
Assumption
Assumption + second
$2,865/mo
+$1,049/mo- Down payment
- $43,770
- Funds due
- $56,378
- Interest + MI left
- $373,379
- First ends
- Aug 2050
New loan
New conventional
$3,144/mo
+$1,328/mo- Down payment
- $43,770
- Funds due
- $52,941
- Interest + MI left
- $585,667
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $243,230 | $243,230 | $386,230 |
| Second mortgage | — | $143,000 | — |
| First P&I | $1,223.32 | $1,223.32 | $2,674.18 |
| Second P&I | — | $1,049.28 | — |
| Mortgage insurance | $199.61 | $199.61 | $77.25 |
| Taxes, insurance & HOA | $392.33 | $392.33 | $392.33 |
| Total housing payment | $1,815.27 | $2,864.55 | $3,143.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,770
Closing costs & prepaids$12,608
Usable credit−$0
Total buyer cash needed$56,378
Earnest money paid−$0
Remaining funds due$56,378
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)$727.00
Prepaid interest, first (2 days)$43.05
Prepaid interest, second (2 days)$62.68
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 9 moOf the original 30-year loan at 3.230%
Interest already paid$53,178Through Nov 2026
Assumption only · ends Aug 2050$138,637
Assumption + second · ends Aug 2050, second Dec 2056$373,379
New conventional · ends Dec 2056$585,667