Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,907/mo
Lowest payment- Down payment
- $232,175
- Funds due
- $244,388
- Interest + MI left
- $152,418
- First ends
- Aug 2051
Assumption
Assumption + second
$3,235/mo
+$1,328/mo- Down payment
- $51,175
- Funds due
- $64,717
- Interest + MI left
- $449,539
- First ends
- Aug 2051
New loan
New conventional
$3,633/mo
+$1,726/mo- Down payment
- $51,175
- Funds due
- $61,218
- Interest + MI left
- $695,839
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $277,825 | $277,825 | $458,825 |
| Second mortgage | — | $181,000 | — |
| First P&I | $1,319.22 | $1,319.22 | $3,176.81 |
| Second P&I | — | $1,328.11 | — |
| Mortgage insurance | $223.07 | $223.07 | $91.77 |
| Taxes, insurance & HOA | $364.42 | $364.42 | $364.42 |
| Total housing payment | $1,906.71 | $3,234.82 | $3,633.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,175
Closing costs & prepaids$13,543
Usable credit−$0
Total buyer cash needed$64,717
Earnest money paid−$0
Remaining funds due$64,717
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,100.00
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)$468.25
Initial HOA (3 months)$125.01
Prepaid interest, first (2 days)$44.91
Prepaid interest, second (2 days)$79.34
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 2.950%
Interest already paid$46,020Through Nov 2026
Assumption only · ends Aug 2051$152,418
Assumption + second · ends Aug 2051, second Dec 2056$449,539
New conventional · ends Dec 2056$695,839