Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,698/mo
Lowest payment- Down payment
- $252,745
- Funds due
- $264,914
- Interest + MI left
- $130,583
- First ends
- Jul 2051
Assumption
Assumption + second
$3,159/mo
+$1,461/mo- Down payment
- $48,745
- Funds due
- $62,554
- Interest + MI left
- $452,716
- First ends
- Jul 2051
New loan
New conventional
$3,432/mo
+$1,734/mo- Down payment
- $48,745
- Funds due
- $59,224
- Interest + MI left
- $637,877
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $232,255 | $232,255 | $436,255 |
| Second mortgage | — | $204,000 | — |
| First P&I | $1,121.17 | $1,121.17 | $2,955.34 |
| Second P&I | — | $1,461.48 | — |
| Mortgage insurance | $186.93 | $186.93 | $87.25 |
| Taxes, insurance & HOA | $389.84 | $389.84 | $389.84 |
| Total housing payment | $1,697.94 | $3,159.42 | $3,432.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,745
Closing costs & prepaids$13,810
Usable credit−$0
Total buyer cash needed$62,554
Earnest money paid−$0
Remaining funds due$62,554
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,850.00
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)$582.00
Initial HOA (3 months)$87.51
Prepaid interest, first (9 days)$175.24
Prepaid interest, second (9 days)$389.84
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 3.06%
Interest already paid$41,232Through Dec 2026
Assumption only · ends Jul 2051$130,583
Assumption + second · ends Jul 2051, second Jan 2057$452,716
New conventional · ends Jan 2057$637,877