Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,587/mo
Lowest payment- Down payment
- $301,284
- Funds due
- $313,836
- Interest + MI left
- $101,267
- First ends
- Jan 2051
Assumption
Assumption + second
$3,386/mo
+$1,798/mo- Down payment
- $50,284
- Funds due
- $64,565
- Interest + MI left
- $497,617
- First ends
- Jan 2051
New loan
New conventional
$3,617/mo
+$2,029/mo- Down payment
- $50,284
- Funds due
- $61,193
- Interest + MI left
- $657,559
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $198,716 | $198,716 | $449,716 |
| Second mortgage | — | $251,000 | — |
| First P&I | $944.04 | $944.04 | $3,046.53 |
| Second P&I | — | $1,798.19 | — |
| Mortgage insurance | $163.16 | $163.16 | $89.94 |
| Taxes, insurance & HOA | $480.17 | $480.17 | $480.17 |
| Total housing payment | $1,587.37 | $3,385.56 | $3,616.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,284
Closing costs & prepaids$14,281
Usable credit−$0
Total buyer cash needed$64,565
Earnest money paid−$0
Remaining funds due$64,565
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,000.00
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)$600.00
Initial HOA (3 months)$340.50
Prepaid interest, first (9 days)$136.22
Prepaid interest, second (9 days)$479.65
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 2.78%
Interest already paid$35,395Through Dec 2026
Assumption only · ends Jan 2051$101,267
Assumption + second · ends Jan 2051, second Jan 2057$497,617
New conventional · ends Jan 2057$657,559