Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,412/mo
Lowest payment- Down payment
- $257,115
- Funds due
- $268,367
- Interest + MI left
- $31,878
- First ends
- Jul 2041
Assumption
Assumption + second
$2,995/mo
+$1,583/mo- Down payment
- $36,115
- Funds due
- $48,710
- Interest + MI left
- $380,856
- First ends
- Jul 2041
New loan
New conventional
$2,908/mo
+$1,497/mo- Down payment
- $36,115
- Funds due
- $45,318
- Interest + MI left
- $483,547
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $97,885 | $97,885 | $318,885 |
| Second mortgage | — | $221,000 | — |
| First P&I | $687.21 | $687.21 | $2,207.90 |
| Second P&I | — | $1,583.27 | — |
| Mortgage insurance | $87.93 | $87.93 | $63.78 |
| Taxes, insurance & HOA | $636.75 | $636.75 | $636.75 |
| Total housing payment | $1,411.89 | $2,995.16 | $2,908.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,115
Closing costs & prepaids$12,595
Usable credit−$0
Total buyer cash needed$48,710
Earnest money paid−$0
Remaining funds due$48,710
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,550.00
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)$305.25
Initial HOA (3 months)$1,155.00
Prepaid interest, first (2 days)$15.98
Prepaid interest, second (2 days)$93.85
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 closing14 yr 8 moOf the original 20-year loan at 2.980%
Interest already paid$17,731Through Nov 2026
Assumption only · ends Jul 2041$31,878
Assumption + second · ends Jul 2041, second Dec 2056$380,856
New conventional · ends Dec 2056$483,547