Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,703/mo
Lowest payment- Down payment
- $205,265
- Funds due
- $216,747
- Interest + MI left
- $132,286
- First ends
- Jun 2051
Assumption
Assumption + second
$2,885/mo
+$1,181/mo- Down payment
- $44,265
- Funds due
- $57,314
- Interest + MI left
- $396,576
- First ends
- Jun 2051
New loan
New conventional
$3,136/mo
+$1,433/mo- Down payment
- $44,265
- Funds due
- $54,026
- Interest + MI left
- $578,629
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $234,734 | $234,734 | $395,734 |
| Second mortgage | — | $161,000 | — |
| First P&I | $1,138.16 | $1,138.16 | $2,680.84 |
| Second P&I | — | $1,181.36 | — |
| Mortgage insurance | $189.28 | $189.28 | $79.15 |
| Taxes, insurance & HOA | $376.00 | $376.00 | $376.00 |
| Total housing payment | $1,703.44 | $2,884.80 | $3,135.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,265
Closing costs & prepaids$13,049
Usable credit−$0
Total buyer cash needed$57,314
Earnest money paid−$0
Remaining funds due$57,314
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)$150.00
Prepaid interest, first (9 days)$178.27
Prepaid interest, second (9 days)$317.59
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 3.08%
Interest already paid$42,635Through Dec 2026
Assumption only · ends Jun 2051$132,286
Assumption + second · ends Jun 2051, second Jan 2057$396,576
New conventional · ends Jan 2057$578,629