Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,022/mo
Lowest payment- Down payment
- $255,625
- Funds due
- $268,672
- Interest + MI left
- $132,198
- First ends
- Feb 2051
Assumption
Assumption + second
$3,483/mo
+$1,461/mo- Down payment
- $51,625
- Funds due
- $66,311
- Interest + MI left
- $454,331
- First ends
- Feb 2051
New loan
New conventional
$3,813/mo
+$1,791/mo- Down payment
- $51,625
- Funds due
- $62,998
- Interest + MI left
- $677,531
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $259,375 | $259,375 | $463,375 |
| Second mortgage | — | $204,000 | — |
| First P&I | $1,227.90 | $1,227.90 | $3,139.06 |
| Second P&I | — | $1,461.48 | — |
| Mortgage insurance | $212.50 | $212.50 | $92.68 |
| Taxes, insurance & HOA | $581.34 | $581.34 | $581.34 |
| Total housing payment | $2,021.74 | $3,483.22 | $3,813.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,625
Closing costs & prepaids$14,686
Usable credit−$0
Total buyer cash needed$66,311
Earnest money paid−$0
Remaining funds due$66,311
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,150.00
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)$618.00
Initial HOA (3 months)$626.01
Prepaid interest, first (9 days)$177.16
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 2 moOf the original 30-year loan at 2.77%
Interest already paid$45,328Through Dec 2026
Assumption only · ends Feb 2051$132,198
Assumption + second · ends Feb 2051, second Jan 2057$454,331
New conventional · ends Jan 2057$677,531