Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,594/mo
Lowest payment- Down payment
- $216,152
- Funds due
- $230,034
- Interest + MI left
- $178,765
- First ends
- Nov 2051
Assumption
Assumption + second
$3,775/mo
+$1,181/mo- Down payment
- $55,152
- Funds due
- $70,425
- Interest + MI left
- $443,055
- First ends
- Nov 2051
New loan
New conventional
$4,187/mo
+$1,593/mo- Down payment
- $55,152
- Funds due
- $66,962
- Interest + MI left
- $711,415
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $331,348 | $331,348 | $492,348 |
| Second mortgage | — | $161,000 | — |
| First P&I | $1,552.52 | $1,552.52 | $3,312.06 |
| Second P&I | — | $1,181.36 | — |
| Mortgage insurance | $265.23 | $265.23 | $98.47 |
| Taxes, insurance & HOA | $776.08 | $776.08 | $776.08 |
| Total housing payment | $2,593.83 | $3,775.20 | $4,186.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,152
Closing costs & prepaids$15,274
Usable credit−$0
Total buyer cash needed$70,425
Earnest money paid−$0
Remaining funds due$70,425
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,475.00
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)$1,396.25
Initial HOA (3 months)$432.00
Prepaid interest, first (4 days)$104.22
Prepaid interest, second (4 days)$141.15
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 2.87%
Interest already paid$51,612Through Dec 2026
Assumption only · ends Nov 2051$178,765
Assumption + second · ends Nov 2051, second Jan 2057$443,055
New conventional · ends Jan 2057$711,415