Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,519/mo
Lowest payment- Down payment
- $201,198
- Funds due
- $212,409
- Interest + MI left
- $101,133
- First ends
- Aug 2051
Assumption
Assumption + second
$2,693/mo
+$1,174/mo- Down payment
- $41,198
- Funds due
- $53,975
- Interest + MI left
- $363,782
- First ends
- Aug 2051
New loan
New conventional
$2,955/mo
+$1,437/mo- Down payment
- $41,198
- Funds due
- $50,709
- Interest + MI left
- $531,866
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $203,802 | $203,802 | $363,802 |
| Second mortgage | — | $160,000 | — |
| First P&I | $935.53 | $935.53 | $2,464.52 |
| Second P&I | — | $1,174.02 | — |
| Mortgage insurance | $165.09 | $165.09 | $72.76 |
| Taxes, insurance & HOA | $418.00 | $418.00 | $418.00 |
| Total housing payment | $1,518.62 | $2,692.64 | $2,955.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,198
Closing costs & prepaids$12,776
Usable credit−$0
Total buyer cash needed$53,975
Earnest money paid−$0
Remaining funds due$53,975
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,050.00
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)$486.00
Initial HOA (3 months)$318.00
Prepaid interest, first (9 days)$131.66
Prepaid interest, second (9 days)$315.62
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 8 moOf the original 30-year loan at 2.62%
Interest already paid$30,602Through Dec 2026
Assumption only · ends Aug 2051$101,133
Assumption + second · ends Aug 2051, second Jan 2057$363,782
New conventional · ends Jan 2057$531,866