Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,286/mo
Lowest payment- Down payment
- $253,465
- Funds due
- $266,701
- Interest + MI left
- $180,423
- First ends
- Oct 2051
Assumption
Assumption + second
$3,709/mo
+$1,424/mo- Down payment
- $59,465
- Funds due
- $73,994
- Interest + MI left
- $498,884
- First ends
- Oct 2051
New loan
New conventional
$4,206/mo
+$1,920/mo- Down payment
- $59,465
- Funds due
- $70,387
- Interest + MI left
- $796,904
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $331,535 | $331,535 | $525,535 |
| Second mortgage | — | $194,000 | — |
| First P&I | $1,558.53 | $1,558.53 | $3,638.70 |
| Second P&I | — | $1,423.50 | — |
| Mortgage insurance | $265.23 | $265.23 | $105.11 |
| Taxes, insurance & HOA | $461.75 | $461.75 | $461.75 |
| Total housing payment | $2,285.51 | $3,709.01 | $4,205.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,465
Closing costs & prepaids$14,529
Usable credit−$0
Total buyer cash needed$73,994
Earnest money paid−$0
Remaining funds due$73,994
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,850.00
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)$549.25
Initial HOA (3 months)$336.00
Prepaid interest, first (1 days)$26.34
Prepaid interest, second (1 days)$42.52
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 2.900%
Interest already paid$52,166Through Nov 2026
Assumption only · ends Oct 2051$180,423
Assumption + second · ends Oct 2051, second Dec 2056$498,884
New conventional · ends Dec 2056$796,904