Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,786/mo
Lowest payment- Down payment
- $230,306
- Funds due
- $242,543
- Interest + MI left
- $114,967
- First ends
- Feb 2051
Assumption
Assumption + second
$3,114/mo
+$1,328/mo- Down payment
- $49,306
- Funds due
- $63,150
- Interest + MI left
- $412,088
- First ends
- Feb 2051
New loan
New conventional
$3,459/mo
+$1,673/mo- Down payment
- $49,306
- Funds due
- $59,871
- Interest + MI left
- $636,970
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $254,694 | $254,694 | $435,694 |
| Second mortgage | — | $181,000 | — |
| First P&I | $1,155.12 | $1,155.12 | $2,951.54 |
| Second P&I | — | $1,328.11 | — |
| Mortgage insurance | $210.52 | $210.52 | $87.14 |
| Taxes, insurance & HOA | $420.67 | $420.67 | $420.67 |
| Total housing payment | $1,786.31 | $3,114.42 | $3,459.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,306
Closing costs & prepaids$13,843
Usable credit−$0
Total buyer cash needed$63,150
Earnest money paid−$0
Remaining funds due$63,150
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,850.00
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)$582.00
Initial HOA (3 months)$180.00
Prepaid interest, first (9 days)$149.15
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 2 moOf the original 30-year loan at 2.375%
Interest already paid$38,341Through Dec 2026
Assumption only · ends Feb 2051$114,967
Assumption + second · ends Feb 2051, second Jan 2057$412,088
New conventional · ends Jan 2057$636,970