Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,999/mo
Lowest payment- Down payment
- $220,440
- Funds due
- $232,882
- Interest + MI left
- $119,408
- First ends
- Jan 2051
Assumption
Assumption + second
$3,283/mo
+$1,284/mo- Down payment
- $45,440
- Funds due
- $59,170
- Interest + MI left
- $406,680
- First ends
- Jan 2051
New loan
New conventional
$3,598/mo
+$1,599/mo- Down payment
- $45,440
- Funds due
- $55,692
- Interest + MI left
- $613,462
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $229,560 | $229,560 | $404,560 |
| Second mortgage | — | $175,000 | — |
| First P&I | $1,094.96 | $1,094.96 | $2,801.09 |
| Second P&I | — | $1,284.09 | — |
| Mortgage insurance | $187.79 | $187.79 | $80.91 |
| Taxes, insurance & HOA | $716.33 | $716.33 | $716.33 |
| Total housing payment | $1,999.08 | $3,283.17 | $3,598.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,440
Closing costs & prepaids$13,730
Usable credit−$0
Total buyer cash needed$59,170
Earnest money paid−$0
Remaining funds due$59,170
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$1,300.00
Initial HOA (3 months)$399.00
Prepaid interest, first (1 days)$17.86
Prepaid interest, second (1 days)$38.36
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$41,098Through Nov 2026
Assumption only · ends Jan 2051$119,408
Assumption + second · ends Jan 2051, second Dec 2056$406,680
New conventional · ends Dec 2056$613,462