Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,784/mo
Lowest payment- Down payment
- $201,943
- Funds due
- $213,547
- Interest + MI left
- $140,180
- First ends
- Jun 2051
Assumption
Assumption + second
$2,929/mo
+$1,145/mo- Down payment
- $45,943
- Funds due
- $59,105
- Interest + MI left
- $396,262
- First ends
- Jun 2051
New loan
New conventional
$3,198/mo
+$1,414/mo- Down payment
- $45,943
- Funds due
- $55,814
- Interest + MI left
- $590,717
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $248,057 | $248,057 | $404,057 |
| Second mortgage | — | $156,000 | — |
| First P&I | $1,204.06 | $1,204.06 | $2,737.22 |
| Second P&I | — | $1,144.67 | — |
| Mortgage insurance | $199.98 | $199.98 | $80.81 |
| Taxes, insurance & HOA | $380.00 | $380.00 | $380.00 |
| Total housing payment | $1,784.04 | $2,928.71 | $3,198.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,943
Closing costs & prepaids$13,162
Usable credit−$0
Total buyer cash needed$59,105
Earnest money paid−$0
Remaining funds due$59,105
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$540.00
Initial HOA (3 months)$150.00
Prepaid interest, first (9 days)$189.00
Prepaid interest, second (9 days)$307.73
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 6 moOf the original 30-year loan at 3.09%
Interest already paid$45,196Through Dec 2026
Assumption only · ends Jun 2051$140,180
Assumption + second · ends Jun 2051, second Jan 2057$396,262
New conventional · ends Jan 2057$590,717