Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,109/mo
Lowest payment- Down payment
- $263,415
- Funds due
- $274,335
- Interest + MI left
- $74,957
- First ends
- Jul 2051
Assumption
Assumption + second
$2,707/mo
+$1,598/mo- Down payment
- $40,415
- Funds due
- $53,011
- Interest + MI left
- $427,092
- First ends
- Jul 2051
New loan
New conventional
$2,841/mo
+$1,732/mo- Down payment
- $40,415
- Funds due
- $49,660
- Interest + MI left
- $519,853
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $132,585 | $132,585 | $355,585 |
| Second mortgage | — | $223,000 | — |
| First P&I | $641.41 | $641.41 | $2,408.86 |
| Second P&I | — | $1,597.60 | — |
| Mortgage insurance | $106.67 | $106.67 | $71.12 |
| Taxes, insurance & HOA | $361.42 | $361.42 | $361.42 |
| Total housing payment | $1,109.49 | $2,707.09 | $2,841.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,415
Closing costs & prepaids$12,596
Usable credit−$0
Total buyer cash needed$53,011
Earnest money paid−$0
Remaining funds due$53,011
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,960.00
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)$475.25
Initial HOA (3 months)$159.00
Prepaid interest, first (9 days)$100.69
Prepaid interest, second (9 days)$426.14
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$23,686Through Dec 2026
Assumption only · ends Jul 2051$74,957
Assumption + second · ends Jul 2051, second Jan 2057$427,092
New conventional · ends Jan 2057$519,853