Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,227/mo
Lowest payment- Down payment
- $222,564
- Funds due
- $233,319
- Interest + MI left
- $78,364
- First ends
- Aug 2051
Assumption
Assumption + second
$2,592/mo
+$1,365/mo- Down payment
- $36,564
- Funds due
- $48,651
- Interest + MI left
- $383,693
- First ends
- Aug 2051
New loan
New conventional
$2,776/mo
+$1,548/mo- Down payment
- $36,564
- Funds due
- $45,264
- Interest + MI left
- $498,095
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $142,436 | $142,436 | $328,436 |
| Second mortgage | — | $186,000 | — |
| First P&I | $677.08 | $677.08 | $2,274.02 |
| Second P&I | — | $1,364.80 | — |
| Mortgage insurance | $114.34 | $114.34 | $65.69 |
| Taxes, insurance & HOA | $435.83 | $435.83 | $435.83 |
| Total housing payment | $1,227.25 | $2,592.06 | $2,775.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,564
Closing costs & prepaids$12,087
Usable credit−$0
Total buyer cash needed$48,651
Earnest money paid−$0
Remaining funds due$48,651
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$602.50
Initial HOA (3 months)$255.00
Prepaid interest, first (2 days)$23.10
Prepaid interest, second (2 days)$81.53
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 9 moOf the original 30-year loan at 2.960%
Interest already paid$23,671Through Nov 2026
Assumption only · ends Aug 2051$78,364
Assumption + second · ends Aug 2051, second Dec 2056$383,693
New conventional · ends Dec 2056$498,095