Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,974/mo
Lowest payment- Down payment
- $196,357
- Funds due
- $208,655
- Interest + MI left
- $133,322
- First ends
- Mar 2051
Assumption
Assumption + second
$3,067/mo
+$1,093/mo- Down payment
- $47,357
- Funds due
- $61,199
- Interest + MI left
- $377,914
- First ends
- Mar 2051
New loan
New conventional
$3,411/mo
+$1,438/mo- Down payment
- $47,357
- Funds due
- $57,944
- Interest + MI left
- $610,580
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $268,643 | $268,643 | $417,643 |
| Second mortgage | — | $149,000 | — |
| First P&I | $1,255.06 | $1,255.06 | $2,829.26 |
| Second P&I | — | $1,093.31 | — |
| Mortgage insurance | $220.04 | $220.04 | $83.53 |
| Taxes, insurance & HOA | $498.67 | $498.67 | $498.67 |
| Total housing payment | $1,973.76 | $3,067.07 | $3,411.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,357
Closing costs & prepaids$13,842
Usable credit−$0
Total buyer cash needed$61,199
Earnest money paid−$0
Remaining funds due$61,199
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,650.00
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)$558.00
Initial HOA (3 months)$438.00
Prepaid interest, first (9 days)$176.86
Prepaid interest, second (9 days)$293.92
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 3 moOf the original 30-year loan at 2.67%
Interest already paid$44,597Through Dec 2026
Assumption only · ends Mar 2051$133,322
Assumption + second · ends Mar 2051, second Jan 2057$377,914
New conventional · ends Jan 2057$610,580