Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,423/mo
Lowest payment- Down payment
- $193,829
- Funds due
- $206,932
- Interest + MI left
- $175,972
- First ends
- Oct 2051
Assumption
Assumption + second
$3,458/mo
+$1,035/mo- Down payment
- $52,829
- Funds due
- $67,212
- Interest + MI left
- $407,431
- First ends
- Oct 2051
New loan
New conventional
$3,962/mo
+$1,539/mo- Down payment
- $52,829
- Funds due
- $63,672
- Interest + MI left
- $708,403
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $326,171 | $326,171 | $467,171 |
| Second mortgage | — | $141,000 | — |
| First P&I | $1,528.26 | $1,528.26 | $3,234.60 |
| Second P&I | — | $1,034.61 | — |
| Mortgage insurance | $261.08 | $261.08 | $93.43 |
| Taxes, insurance & HOA | $633.83 | $633.83 | $633.83 |
| Total housing payment | $2,423.18 | $3,457.79 | $3,961.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,829
Closing costs & prepaids$14,383
Usable credit−$0
Total buyer cash needed$67,212
Earnest money paid−$0
Remaining funds due$67,212
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,200.00
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)$1,136.50
Initial HOA (3 months)$264.99
Prepaid interest, first (1 days)$25.65
Prepaid interest, second (1 days)$30.90
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 2.870%
Interest already paid$50,806Through Nov 2026
Assumption only · ends Oct 2051$175,972
Assumption + second · ends Oct 2051, second Dec 2056$407,431
New conventional · ends Dec 2056$708,403