Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,210/mo
Lowest payment- Down payment
- $219,899
- Funds due
- $230,609
- Interest + MI left
- $76,112
- First ends
- Jan 2051
Assumption
Assumption + second
$2,552/mo
+$1,343/mo- Down payment
- $36,899
- Funds due
- $49,220
- Interest + MI left
- $376,516
- First ends
- Jan 2051
New loan
New conventional
$2,682/mo
+$1,473/mo- Down payment
- $36,899
- Funds due
- $45,918
- Interest + MI left
- $479,738
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $145,101 | $145,101 | $328,101 |
| Second mortgage | — | $183,000 | — |
| First P&I | $696.75 | $696.75 | $2,222.67 |
| Second P&I | — | $1,342.79 | — |
| Mortgage insurance | $118.88 | $118.88 | $65.62 |
| Taxes, insurance & HOA | $394.00 | $394.00 | $394.00 |
| Total housing payment | $1,209.63 | $2,552.42 | $2,682.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,899
Closing costs & prepaids$12,321
Usable credit−$0
Total buyer cash needed$49,220
Earnest money paid−$0
Remaining funds due$49,220
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$438.00
Initial HOA (3 months)$294.00
Prepaid interest, first (9 days)$103.04
Prepaid interest, second (9 days)$360.99
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 1 moOf the original 30-year loan at 2.88%
Interest already paid$26,744Through Dec 2026
Assumption only · ends Jan 2051$76,112
Assumption + second · ends Jan 2051, second Jan 2057$376,516
New conventional · ends Jan 2057$479,738