Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,739/mo
Lowest payment- Down payment
- $204,731
- Funds due
- $216,179
- Interest + MI left
- $133,009
- First ends
- Jun 2051
Assumption
Assumption + second
$2,913/mo
+$1,174/mo- Down payment
- $44,731
- Funds due
- $57,499
- Interest + MI left
- $395,657
- First ends
- Jun 2051
New loan
New conventional
$3,227/mo
+$1,488/mo- Down payment
- $44,731
- Funds due
- $54,052
- Interest + MI left
- $599,371
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $235,268 | $235,268 | $395,268 |
| Second mortgage | — | $160,000 | — |
| First P&I | $1,138.16 | $1,138.16 | $2,736.76 |
| Second P&I | — | $1,174.02 | — |
| Mortgage insurance | $189.28 | $189.28 | $79.05 |
| Taxes, insurance & HOA | $411.17 | $411.17 | $411.17 |
| Total housing payment | $1,738.61 | $2,912.63 | $3,226.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,731
Closing costs & prepaids$12,768
Usable credit−$0
Total buyer cash needed$57,499
Earnest money paid−$0
Remaining funds due$57,499
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)$633.50
Initial HOA (3 months)$150.00
Prepaid interest, first (2 days)$39.71
Prepaid interest, second (2 days)$70.14
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 closing24 yr 7 moOf the original 30-year loan at 3.080%
Interest already paid$42,031Through Nov 2026
Assumption only · ends Jun 2051$133,009
Assumption + second · ends Jun 2051, second Dec 2056$395,657
New conventional · ends Dec 2056$599,371