Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,336/mo
Lowest payment- Down payment
- $254,222
- Funds due
- $267,822
- Interest + MI left
- $179,452
- First ends
- Oct 2051
Assumption
Assumption + second
$3,767/mo
+$1,431/mo- Down payment
- $59,222
- Funds due
- $74,456
- Interest + MI left
- $499,555
- First ends
- Oct 2051
New loan
New conventional
$4,180/mo
+$1,843/mo- Down payment
- $59,222
- Funds due
- $71,124
- Interest + MI left
- $768,774
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $330,778 | $330,778 | $525,778 |
| Second mortgage | — | $195,000 | — |
| First P&I | $1,558.53 | $1,558.53 | $3,561.80 |
| Second P&I | — | $1,430.84 | — |
| Mortgage insurance | $265.23 | $265.23 | $105.16 |
| Taxes, insurance & HOA | $512.67 | $512.67 | $512.67 |
| Total housing payment | $2,336.43 | $3,767.27 | $4,179.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,222
Closing costs & prepaids$15,234
Usable credit−$0
Total buyer cash needed$74,456
Earnest money paid−$0
Remaining funds due$74,456
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,850.00
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)$702.00
Initial HOA (3 months)$336.00
Prepaid interest, first (9 days)$236.53
Prepaid interest, second (9 days)$384.66
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 closing24 yr 10 moOf the original 30-year loan at 2.9%
Interest already paid$52,967Through Dec 2026
Assumption only · ends Oct 2051$179,452
Assumption + second · ends Oct 2051, second Jan 2057$499,555
New conventional · ends Jan 2057$768,774