Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,670/mo
Lowest payment- Down payment
- $267,996
- Funds due
- $280,410
- Interest + MI left
- $107,365
- First ends
- Feb 2051
Assumption
Assumption + second
$3,246/mo
+$1,576/mo- Down payment
- $47,996
- Funds due
- $62,080
- Interest + MI left
- $454,763
- First ends
- Feb 2051
New loan
New conventional
$3,493/mo
+$1,822/mo- Down payment
- $47,996
- Funds due
- $58,741
- Interest + MI left
- $624,350
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $207,004 | $207,004 | $427,004 |
| Second mortgage | — | $220,000 | — |
| First P&I | $986.32 | $986.32 | $2,892.67 |
| Second P&I | — | $1,576.11 | — |
| Mortgage insurance | $169.37 | $169.37 | $85.40 |
| Taxes, insurance & HOA | $514.67 | $514.67 | $514.67 |
| Total housing payment | $1,670.35 | $3,246.46 | $3,492.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,996
Closing costs & prepaids$14,084
Usable credit−$0
Total buyer cash needed$62,080
Earnest money paid−$0
Remaining funds due$62,080
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,750.00
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)$570.00
Initial HOA (3 months)$474.00
Prepaid interest, first (9 days)$144.45
Prepaid interest, second (9 days)$420.41
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 2 moOf the original 30-year loan at 2.83%
Interest already paid$36,934Through Dec 2026
Assumption only · ends Feb 2051$107,365
Assumption + second · ends Feb 2051, second Jan 2057$454,763
New conventional · ends Jan 2057$624,350