Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,950/mo
Lowest payment- Down payment
- $221,811
- Funds due
- $234,202
- Interest + MI left
- $151,594
- First ends
- Aug 2051
Assumption
Assumption + second
$3,205/mo
+$1,255/mo- Down payment
- $50,811
- Funds due
- $64,789
- Interest + MI left
- $432,299
- First ends
- Aug 2051
New loan
New conventional
$3,534/mo
+$1,584/mo- Down payment
- $50,811
- Funds due
- $61,485
- Interest + MI left
- $655,237
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $277,189 | $277,189 | $448,189 |
| Second mortgage | — | $171,000 | — |
| First P&I | $1,319.22 | $1,319.22 | $3,036.19 |
| Second P&I | — | $1,254.74 | — |
| Mortgage insurance | $223.07 | $223.07 | $89.64 |
| Taxes, insurance & HOA | $407.92 | $407.92 | $407.92 |
| Total housing payment | $1,950.21 | $3,204.94 | $3,533.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,811
Closing costs & prepaids$13,978
Usable credit−$0
Total buyer cash needed$64,789
Earnest money paid−$0
Remaining funds due$64,789
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,990.00
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)$598.75
Initial HOA (3 months)$125.01
Prepaid interest, first (9 days)$201.63
Prepaid interest, second (9 days)$337.32
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 8 moOf the original 30-year loan at 2.95%
Interest already paid$46,703Through Dec 2026
Assumption only · ends Aug 2051$151,594
Assumption + second · ends Aug 2051, second Jan 2057$432,299
New conventional · ends Jan 2057$655,237