Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$903/mo
Lowest payment- Down payment
- $263,655
- Funds due
- $274,320
- Interest + MI left
- $37,097
- First ends
- Mar 2051
Assumption
Assumption + second
$2,536/mo
+$1,633/mo- Down payment
- $35,655
- Funds due
- $48,006
- Interest + MI left
- $397,128
- First ends
- Mar 2051
New loan
New conventional
$2,640/mo
+$1,737/mo- Down payment
- $35,655
- Funds due
- $44,673
- Interest + MI left
- $459,415
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $86,245 | $86,245 | $314,245 |
| Second mortgage | — | $228,000 | — |
| First P&I | $383.54 | $383.54 | $2,128.81 |
| Second P&I | — | $1,633.42 | — |
| Mortgage insurance | $71.36 | $71.36 | $62.85 |
| Taxes, insurance & HOA | $448.00 | $448.00 | $448.00 |
| Total housing payment | $902.90 | $2,536.32 | $2,639.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,655
Closing costs & prepaids$12,351
Usable credit−$0
Total buyer cash needed$48,006
Earnest money paid−$0
Remaining funds due$48,006
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.00
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)$420.00
Initial HOA (3 months)$474.00
Prepaid interest, first (9 days)$47.21
Prepaid interest, second (9 days)$435.70
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 3 moOf the original 30-year loan at 2.22%
Interest already paid$11,968Through Dec 2026
Assumption only · ends Mar 2051$37,097
Assumption + second · ends Mar 2051, second Jan 2057$397,128
New conventional · ends Jan 2057$459,415