Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,611/mo
Lowest payment- Down payment
- $243,839
- Funds due
- $258,066
- Interest + MI left
- $177,112
- First ends
- Nov 2051
Assumption
Assumption + second
$3,976/mo
+$1,365/mo- Down payment
- $57,839
- Funds due
- $73,479
- Interest + MI left
- $482,441
- First ends
- Nov 2051
New loan
New conventional
$4,382/mo
+$1,771/mo- Down payment
- $57,839
- Funds due
- $69,987
- Interest + MI left
- $747,268
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $331,161 | $331,161 | $517,161 |
| Second mortgage | — | $186,000 | — |
| First P&I | $1,546.53 | $1,546.53 | $3,478.98 |
| Second P&I | — | $1,364.80 | — |
| Mortgage insurance | $265.23 | $265.23 | $103.43 |
| Taxes, insurance & HOA | $799.42 | $799.42 | $799.42 |
| Total housing payment | $2,611.17 | $3,975.97 | $4,381.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,839
Closing costs & prepaids$15,639
Usable credit−$0
Total buyer cash needed$73,479
Earnest money paid−$0
Remaining funds due$73,479
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,750.00
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)$1,466.25
Initial HOA (3 months)$432.00
Prepaid interest, first (4 days)$103.07
Prepaid interest, second (4 days)$163.07
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 11 moOf the original 30-year loan at 2.84%
Interest already paid$51,059Through Dec 2026
Assumption only · ends Nov 2051$177,112
Assumption + second · ends Nov 2051, second Jan 2057$482,441
New conventional · ends Jan 2057$747,268