Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,504/mo
Lowest payment- Down payment
- $238,824
- Funds due
- $250,484
- Interest + MI left
- $94,216
- First ends
- Oct 2051
Assumption
Assumption + second
$2,949/mo
+$1,446/mo- Down payment
- $41,824
- Funds due
- $55,123
- Interest + MI left
- $417,602
- First ends
- Oct 2051
New loan
New conventional
$3,136/mo
+$1,632/mo- Down payment
- $41,824
- Funds due
- $51,801
- Interest + MI left
- $544,181
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $175,175 | $175,175 | $372,175 |
| Second mortgage | — | $197,000 | — |
| First P&I | $822.67 | $822.67 | $2,521.24 |
| Second P&I | — | $1,445.52 | — |
| Mortgage insurance | $140.54 | $140.54 | $74.44 |
| Taxes, insurance & HOA | $540.58 | $540.58 | $540.58 |
| Total housing payment | $1,503.79 | $2,949.31 | $3,136.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,824
Closing costs & prepaids$13,299
Usable credit−$0
Total buyer cash needed$55,123
Earnest money paid−$0
Remaining funds due$55,123
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,139.99
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)$496.75
Initial HOA (3 months)$675.00
Prepaid interest, first (9 days)$123.97
Prepaid interest, second (9 days)$388.60
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 2.87%
Interest already paid$27,769Through Dec 2026
Assumption only · ends Oct 2051$94,216
Assumption + second · ends Oct 2051, second Jan 2057$417,602
New conventional · ends Jan 2057$544,181