Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,647/mo
Lowest payment- Down payment
- $220,881
- Funds due
- $232,476
- Interest + MI left
- $123,587
- First ends
- Oct 2051
Assumption
Assumption + second
$2,931/mo
+$1,284/mo- Down payment
- $45,881
- Funds due
- $59,071
- Interest + MI left
- $410,858
- First ends
- Oct 2051
New loan
New conventional
$3,204/mo
+$1,557/mo- Down payment
- $45,881
- Funds due
- $55,771
- Interest + MI left
- $590,808
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $229,119 | $229,119 | $404,119 |
| Second mortgage | — | $175,000 | — |
| First P&I | $1,077.18 | $1,077.18 | $2,737.64 |
| Second P&I | — | $1,284.09 | — |
| Mortgage insurance | $183.79 | $183.79 | $80.82 |
| Taxes, insurance & HOA | $386.00 | $386.00 | $386.00 |
| Total housing payment | $1,646.97 | $2,931.06 | $3,204.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,881
Closing costs & prepaids$13,191
Usable credit−$0
Total buyer cash needed$59,071
Earnest money paid−$0
Remaining funds due$59,071
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$540.00
Initial HOA (3 months)$168.00
Prepaid interest, first (9 days)$162.71
Prepaid interest, second (9 days)$345.21
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 10 moOf the original 30-year loan at 2.88%
Interest already paid$36,443Through Dec 2026
Assumption only · ends Oct 2051$123,587
Assumption + second · ends Oct 2051, second Jan 2057$410,858
New conventional · ends Jan 2057$590,808