Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,016/mo
Lowest payment- Down payment
- $194,011
- Funds due
- $208,827
- Interest + MI left
- $172,827
- First ends
- Apr 2051
Assumption
Assumption + second
$4,050/mo
+$1,035/mo- Down payment
- $53,011
- Funds due
- $69,139
- Interest + MI left
- $404,286
- First ends
- Apr 2051
New loan
New conventional
$4,561/mo
+$1,546/mo- Down payment
- $53,011
- Funds due
- $65,639
- Interest + MI left
- $723,386
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $335,989 | $335,989 | $476,989 |
| Second mortgage | — | $141,000 | — |
| First P&I | $1,579.16 | $1,579.16 | $3,302.58 |
| Second P&I | — | $1,034.61 | — |
| Mortgage insurance | $273.29 | $273.29 | $95.40 |
| Taxes, insurance & HOA | $1,163.33 | $1,163.33 | $1,163.33 |
| Total housing payment | $3,015.78 | $4,050.39 | $4,561.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,011
Closing costs & prepaids$16,128
Usable credit−$0
Total buyer cash needed$69,139
Earnest money paid−$0
Remaining funds due$69,139
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,300.00
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)$1,325.00
Initial HOA (3 months)$1,665.00
Prepaid interest, first (2 days)$51.00
Prepaid interest, second (2 days)$61.81
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 5 moOf the original 30-year loan at 2.770%
Interest already paid$55,973Through Nov 2026
Assumption only · ends Apr 2051$172,827
Assumption + second · ends Apr 2051, second Dec 2056$404,286
New conventional · ends Dec 2056$723,386