Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,427/mo
Lowest payment- Down payment
- $261,345
- Funds due
- $272,851
- Interest + MI left
- $97,435
- First ends
- Jul 2051
Assumption
Assumption + second
$2,981/mo
+$1,555/mo- Down payment
- $44,345
- Funds due
- $57,193
- Interest + MI left
- $440,096
- First ends
- Jul 2051
New loan
New conventional
$3,249/mo
+$1,822/mo- Down payment
- $44,345
- Funds due
- $53,738
- Interest + MI left
- $598,442
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $177,655 | $177,655 | $394,655 |
| Second mortgage | — | $217,000 | — |
| First P&I | $846.43 | $846.43 | $2,732.51 |
| Second P&I | — | $1,554.61 | — |
| Mortgage insurance | $142.94 | $142.94 | $78.93 |
| Taxes, insurance & HOA | $437.25 | $437.25 | $437.25 |
| Total housing payment | $1,426.62 | $2,981.23 | $3,248.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,345
Closing costs & prepaids$12,848
Usable credit−$0
Total buyer cash needed$57,193
Earnest money paid−$0
Remaining funds due$57,193
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,390.00
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)$654.75
Initial HOA (3 months)$207.00
Prepaid interest, first (2 days)$28.81
Prepaid interest, second (2 days)$92.15
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 8 moOf the original 30-year loan at 2.960%
Interest already paid$30,031Through Nov 2026
Assumption only · ends Jul 2051$97,435
Assumption + second · ends Jul 2051, second Dec 2056$440,096
New conventional · ends Dec 2056$598,442