Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,379/mo
Lowest payment- Down payment
- $254,340
- Funds due
- $265,766
- Interest + MI left
- $95,202
- First ends
- Oct 2051
Assumption
Assumption + second
$2,884/mo
+$1,504/mo- Down payment
- $44,340
- Funds due
- $57,417
- Interest + MI left
- $426,809
- First ends
- Oct 2051
New loan
New conventional
$3,117/mo
+$1,738/mo- Down payment
- $44,340
- Funds due
- $54,089
- Interest + MI left
- $571,131
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $180,660 | $180,660 | $390,660 |
| Second mortgage | — | $210,000 | — |
| First P&I | $841.92 | $841.92 | $2,646.47 |
| Second P&I | — | $1,504.47 | — |
| Mortgage insurance | $145.14 | $145.14 | $78.13 |
| Taxes, insurance & HOA | $392.00 | $392.00 | $392.00 |
| Total housing payment | $1,379.06 | $2,883.53 | $3,116.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,340
Closing costs & prepaids$13,077
Usable credit−$0
Total buyer cash needed$57,417
Earnest money paid−$0
Remaining funds due$57,417
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)$204.00
Prepaid interest, first (9 days)$124.73
Prepaid interest, second (9 days)$401.30
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 2.8%
Interest already paid$27,959Through Dec 2026
Assumption only · ends Oct 2051$95,202
Assumption + second · ends Oct 2051, second Jan 2057$426,809
New conventional · ends Jan 2057$571,131