Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,973/mo
Lowest payment- Down payment
- $266,667
- Funds due
- $279,530
- Interest + MI left
- $156,929
- First ends
- Aug 2051
Assumption
Assumption + second
$3,492/mo
+$1,519/mo- Down payment
- $54,667
- Funds due
- $69,185
- Interest + MI left
- $491,695
- First ends
- Aug 2051
New loan
New conventional
$3,829/mo
+$1,856/mo- Down payment
- $54,667
- Funds due
- $65,841
- Interest + MI left
- $716,802
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $278,233 | $278,233 | $490,233 |
| Second mortgage | — | $212,000 | — |
| First P&I | $1,340.07 | $1,340.07 | $3,321.01 |
| Second P&I | — | $1,518.79 | — |
| Mortgage insurance | $223.43 | $223.43 | $98.05 |
| Taxes, insurance & HOA | $409.67 | $409.67 | $409.67 |
| Total housing payment | $1,973.17 | $3,491.96 | $3,828.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,667
Closing costs & prepaids$14,518
Usable credit−$0
Total buyer cash needed$69,185
Earnest money paid−$0
Remaining funds due$69,185
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,449.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$654.00
Initial HOA (3 months)$75.00
Prepaid interest, first (9 days)$209.93
Prepaid interest, second (9 days)$405.12
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 8 moOf the original 30-year loan at 3.06%
Interest already paid$48,572Through Dec 2026
Assumption only · ends Aug 2051$156,929
Assumption + second · ends Aug 2051, second Jan 2057$491,695
New conventional · ends Jan 2057$716,802