Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,863/mo
Lowest payment- Down payment
- $260,453
- Funds due
- $273,025
- Interest + MI left
- $124,083
- First ends
- Jan 2051
Assumption
Assumption + second
$3,367/mo
+$1,504/mo- Down payment
- $50,453
- Funds due
- $64,320
- Interest + MI left
- $455,690
- First ends
- Jan 2051
New loan
New conventional
$3,725/mo
+$1,862/mo- Down payment
- $50,453
- Funds due
- $60,793
- Interest + MI left
- $680,162
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $238,547 | $238,547 | $448,547 |
| Second mortgage | — | $210,000 | — |
| First P&I | $1,137.83 | $1,137.83 | $3,105.65 |
| Second P&I | — | $1,504.47 | — |
| Mortgage insurance | $195.14 | $195.14 | $89.71 |
| Taxes, insurance & HOA | $529.58 | $529.58 | $529.58 |
| Total housing payment | $1,862.55 | $3,367.01 | $3,724.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,453
Closing costs & prepaids$13,867
Usable credit−$0
Total buyer cash needed$64,320
Earnest money paid−$0
Remaining funds due$64,320
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,990.00
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)$1,078.75
Initial HOA (3 months)$9.99
Prepaid interest, first (1 days)$18.56
Prepaid interest, second (1 days)$44.59
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 2 moOf the original 30-year loan at 2.840%
Interest already paid$42,707Through Nov 2026
Assumption only · ends Jan 2051$124,083
Assumption + second · ends Jan 2051, second Dec 2056$455,690
New conventional · ends Dec 2056$680,162