Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,475/mo
Lowest payment- Down payment
- $223,752
- Funds due
- $235,025
- Interest + MI left
- $108,923
- First ends
- Oct 2051
Assumption
Assumption + second
$2,803/mo
+$1,328/mo- Down payment
- $42,752
- Funds due
- $55,632
- Interest + MI left
- $406,044
- First ends
- Oct 2051
New loan
New conventional
$3,016/mo
+$1,541/mo- Down payment
- $42,752
- Funds due
- $52,321
- Interest + MI left
- $551,524
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $196,248 | $196,248 | $377,248 |
| Second mortgage | — | $181,000 | — |
| First P&I | $932.79 | $932.79 | $2,555.61 |
| Second P&I | — | $1,328.11 | — |
| Mortgage insurance | $157.12 | $157.12 | $75.45 |
| Taxes, insurance & HOA | $384.67 | $384.67 | $384.67 |
| Total housing payment | $1,474.58 | $2,802.69 | $3,015.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,752
Closing costs & prepaids$12,880
Usable credit−$0
Total buyer cash needed$55,632
Earnest money paid−$0
Remaining funds due$55,632
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,200.00
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)$504.00
Initial HOA (3 months)$200.01
Prepaid interest, first (9 days)$144.20
Prepaid interest, second (9 days)$357.04
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 2.98%
Interest already paid$32,266Through Dec 2026
Assumption only · ends Oct 2051$108,923
Assumption + second · ends Oct 2051, second Jan 2057$406,044
New conventional · ends Jan 2057$551,524