Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,668/mo
Lowest payment- Down payment
- $214,272
- Funds due
- $225,964
- Interest + MI left
- $104,285
- First ends
- Apr 2051
Assumption
Assumption + second
$2,915/mo
+$1,247/mo- Down payment
- $44,272
- Funds due
- $57,550
- Interest + MI left
- $383,349
- First ends
- Apr 2051
New loan
New conventional
$3,202/mo
+$1,534/mo- Down payment
- $44,272
- Funds due
- $54,277
- Interest + MI left
- $571,231
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $220,728 | $220,728 | $390,728 |
| Second mortgage | — | $170,000 | — |
| First P&I | $1,009.77 | $1,009.77 | $2,646.93 |
| Second P&I | — | $1,247.40 | — |
| Mortgage insurance | $181.02 | $181.02 | $78.15 |
| Taxes, insurance & HOA | $477.00 | $477.00 | $477.00 |
| Total housing payment | $1,667.80 | $2,915.20 | $3,202.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,272
Closing costs & prepaids$13,277
Usable credit−$0
Total buyer cash needed$57,550
Earnest money paid−$0
Remaining funds due$57,550
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,350.00
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)$522.00
Initial HOA (3 months)$459.00
Prepaid interest, first (9 days)$136.07
Prepaid interest, second (9 days)$335.34
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 4 moOf the original 30-year loan at 2.5%
Interest already paid$33,832Through Dec 2026
Assumption only · ends Apr 2051$104,285
Assumption + second · ends Apr 2051, second Jan 2057$383,349
New conventional · ends Jan 2057$571,231