Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,661/mo
Lowest payment- Down payment
- $209,136
- Funds due
- $220,611
- Interest + MI left
- $116,934
- First ends
- Jun 2051
Assumption
Assumption + second
$2,872/mo
+$1,211/mo- Down payment
- $44,136
- Funds due
- $57,186
- Interest + MI left
- $387,790
- First ends
- Jun 2051
New loan
New conventional
$3,142/mo
+$1,481/mo- Down payment
- $44,136
- Funds due
- $53,913
- Interest + MI left
- $578,817
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $230,863 | $230,863 | $395,863 |
| Second mortgage | — | $165,000 | — |
| First P&I | $1,090.89 | $1,090.89 | $2,681.71 |
| Second P&I | — | $1,210.71 | — |
| Mortgage insurance | $189.28 | $189.28 | $79.17 |
| Taxes, insurance & HOA | $381.00 | $381.00 | $381.00 |
| Total housing payment | $1,661.17 | $2,871.88 | $3,141.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,136
Closing costs & prepaids$13,050
Usable credit−$0
Total buyer cash needed$57,186
Earnest money paid−$0
Remaining funds due$57,186
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,399.99
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)$528.00
Initial HOA (3 months)$165.00
Prepaid interest, first (9 days)$156.54
Prepaid interest, second (9 days)$325.48
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 6 moOf the original 30-year loan at 2.75%
Interest already paid$37,945Through Dec 2026
Assumption only · ends Jun 2051$116,934
Assumption + second · ends Jun 2051, second Jan 2057$387,790
New conventional · ends Jan 2057$578,817