Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,271/mo
Lowest payment- Down payment
- $124,844
- Funds due
- $136,509
- Interest + MI left
- $170,518
- First ends
- Aug 2050
Assumption
Assumption + second
$2,931/mo
+$660/mo- Down payment
- $42,844
- Funds due
- $55,840
- Interest + MI left
- $326,043
- First ends
- Aug 2050
New loan
New conventional
$3,158/mo
+$887/mo- Down payment
- $42,844
- Funds due
- $52,472
- Interest + MI left
- $552,194
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $300,156 | $300,156 | $382,156 |
| Second mortgage | — | $82,000 | — |
| First P&I | $1,513.18 | $1,513.18 | $2,570.79 |
| Second P&I | — | $659.79 | — |
| Mortgage insurance | $246.90 | $246.90 | $76.43 |
| Taxes, insurance & HOA | $511.25 | $511.25 | $511.25 |
| Total housing payment | $2,271.33 | $2,931.12 | $3,158.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,844
Closing costs & prepaids$12,996
Usable credit−$0
Total buyer cash needed$55,840
Earnest money paid−$0
Remaining funds due$55,840
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$1,083.75
Prepaid interest, first (4 days)$106.25
Prepaid interest, second (4 days)$80.88
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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$66,587Through Dec 2026
Assumption only · ends Aug 2050$170,518
Assumption + second · ends Aug 2050, second Jan 2057$326,043
New conventional · ends Jan 2057$552,194