Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,995/mo
Lowest payment- Down payment
- $200,519
- Funds due
- $212,826
- Interest + MI left
- $150,917
- First ends
- Jul 2051
Assumption
Assumption + second
$3,118/mo
+$1,123/mo- Down payment
- $47,519
- Funds due
- $61,378
- Interest + MI left
- $402,075
- First ends
- Jul 2051
New loan
New conventional
$3,441/mo
+$1,447/mo- Down payment
- $47,519
- Funds due
- $58,106
- Interest + MI left
- $625,048
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $274,481 | $274,481 | $427,481 |
| Second mortgage | — | $153,000 | — |
| First P&I | $1,313.61 | $1,313.61 | $2,895.91 |
| Second P&I | — | $1,122.66 | — |
| Mortgage insurance | $221.26 | $221.26 | $85.50 |
| Taxes, insurance & HOA | $460.00 | $460.00 | $460.00 |
| Total housing payment | $1,994.87 | $3,117.53 | $3,441.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,519
Closing costs & prepaids$13,858
Usable credit−$0
Total buyer cash needed$61,378
Earnest money paid−$0
Remaining funds due$61,378
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)$309.99
Prepaid interest, first (9 days)$201.69
Prepaid interest, second (9 days)$301.81
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 2.98%
Interest already paid$47,493Through Dec 2026
Assumption only · ends Jul 2051$150,917
Assumption + second · ends Jul 2051, second Jan 2057$402,075
New conventional · ends Jan 2057$625,048