Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,776/mo
Lowest payment- Down payment
- $231,543
- Funds due
- $243,111
- Interest + MI left
- $52,692
- First ends
- Nov 2042
Assumption
Assumption + second
$3,185/mo
+$1,409/mo- Down payment
- $39,543
- Funds due
- $52,572
- Interest + MI left
- $367,870
- First ends
- Nov 2042
New loan
New conventional
$3,055/mo
+$1,279/mo- Down payment
- $39,543
- Funds due
- $49,200
- Interest + MI left
- $512,280
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $158,357 | $158,357 | $350,357 |
| Second mortgage | — | $192,000 | — |
| First P&I | $1,026.19 | $1,026.19 | $2,373.44 |
| Second P&I | — | $1,408.83 | — |
| Mortgage insurance | $138.77 | $138.77 | $70.07 |
| Taxes, insurance & HOA | $611.42 | $611.42 | $611.42 |
| Total housing payment | $1,776.38 | $3,185.21 | $3,054.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,543
Closing costs & prepaids$13,029
Usable credit−$0
Total buyer cash needed$52,572
Earnest money paid−$0
Remaining funds due$52,572
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,899.00
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)$994.25
Initial HOA (3 months)$390.00
Prepaid interest, first (5 days)$60.09
Prepaid interest, second (5 days)$210.41
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 closing15 yr 11 moOf the original 21-year loan at 2.77%
Interest already paid$25,047Through Dec 2026
Assumption only · ends Nov 2042$52,692
Assumption + second · ends Nov 2042, second Jan 2057$367,870
New conventional · ends Jan 2057$512,280