Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,817/mo
Lowest payment- Down payment
- $197,293
- Funds due
- $209,060
- Interest + MI left
- $116,105
- First ends
- May 2051
Assumption
Assumption + second
$2,947/mo
+$1,130/mo- Down payment
- $43,293
- Funds due
- $56,378
- Interest + MI left
- $368,904
- First ends
- May 2051
New loan
New conventional
$3,289/mo
+$1,471/mo- Down payment
- $43,293
- Funds due
- $52,948
- Interest + MI left
- $578,808
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $227,707 | $227,707 | $381,707 |
| Second mortgage | — | $154,000 | — |
| First P&I | $1,063.04 | $1,063.04 | $2,642.86 |
| Second P&I | — | $1,130.00 | — |
| Mortgage insurance | $184.93 | $184.93 | $76.34 |
| Taxes, insurance & HOA | $569.33 | $569.33 | $569.33 |
| Total housing payment | $1,817.30 | $2,947.30 | $3,288.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,293
Closing costs & prepaids$13,085
Usable credit−$0
Total buyer cash needed$56,378
Earnest money paid−$0
Remaining funds due$56,378
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$1,018.00
Initial HOA (3 months)$240.00
Prepaid interest, first (2 days)$34.06
Prepaid interest, second (2 days)$67.51
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 6 moOf the original 30-year loan at 2.730%
Interest already paid$36,796Through Nov 2026
Assumption only · ends May 2051$116,105
Assumption + second · ends May 2051, second Dec 2056$368,904
New conventional · ends Dec 2056$578,808