Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,673/mo
Lowest payment- Down payment
- $239,587
- Funds due
- $251,463
- Interest + MI left
- $103,045
- First ends
- Jan 2051
Assumption
Assumption + second
$3,103/mo
+$1,431/mo- Down payment
- $44,587
- Funds due
- $57,798
- Interest + MI left
- $423,148
- First ends
- Jan 2051
New loan
New conventional
$3,374/mo
+$1,701/mo- Down payment
- $44,587
- Funds due
- $54,346
- Interest + MI left
- $599,591
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $200,413 | $200,413 | $395,413 |
| Second mortgage | — | $195,000 | — |
| First P&I | $951.84 | $951.84 | $2,737.76 |
| Second P&I | — | $1,430.84 | — |
| Mortgage insurance | $164.09 | $164.09 | $79.08 |
| Taxes, insurance & HOA | $556.66 | $556.66 | $556.66 |
| Total housing payment | $1,672.59 | $3,103.43 | $3,373.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,587
Closing costs & prepaids$13,211
Usable credit−$0
Total buyer cash needed$57,798
Earnest money paid−$0
Remaining funds due$57,798
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,400.00
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)$1,060.00
Initial HOA (3 months)$159.99
Prepaid interest, first (2 days)$30.75
Prepaid interest, second (2 days)$85.48
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 2 moOf the original 30-year loan at 2.800%
Interest already paid$35,391Through Nov 2026
Assumption only · ends Jan 2051$103,045
Assumption + second · ends Jan 2051, second Dec 2056$423,148
New conventional · ends Dec 2056$599,591