Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,544/mo
Lowest payment- Down payment
- $244,212
- Funds due
- $255,792
- Interest + MI left
- $116,286
- First ends
- Jul 2051
Assumption
Assumption + second
$3,004/mo
+$1,460/mo- Down payment
- $45,212
- Funds due
- $58,435
- Interest + MI left
- $442,955
- First ends
- Jul 2051
New loan
New conventional
$3,206/mo
+$1,662/mo- Down payment
- $45,212
- Funds due
- $55,100
- Interest + MI left
- $591,721
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $205,688 | $205,688 | $404,688 |
| Second mortgage | — | $199,000 | — |
| First P&I | $995.06 | $995.06 | $2,741.50 |
| Second P&I | — | $1,460.19 | — |
| Mortgage insurance | $165.48 | $165.48 | $80.94 |
| Taxes, insurance & HOA | $383.33 | $383.33 | $383.33 |
| Total housing payment | $1,543.88 | $3,004.07 | $3,205.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,212
Closing costs & prepaids$13,223
Usable credit−$0
Total buyer cash needed$58,435
Earnest money paid−$0
Remaining funds due$58,435
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,499.00
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)$540.00
Initial HOA (3 months)$159.99
Prepaid interest, first (9 days)$156.21
Prepaid interest, second (9 days)$392.55
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 7 moOf the original 30-year loan at 3.08%
Interest already paid$36,746Through Dec 2026
Assumption only · ends Jul 2051$116,286
Assumption + second · ends Jul 2051, second Jan 2057$442,955
New conventional · ends Jan 2057$591,721