Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,851/mo
Lowest payment- Down payment
- $252,217
- Funds due
- $264,691
- Interest + MI left
- $131,294
- First ends
- Jul 2051
Assumption
Assumption + second
$3,306/mo
+$1,454/mo- Down payment
- $49,217
- Funds due
- $62,984
- Interest + MI left
- $451,848
- First ends
- Jul 2051
New loan
New conventional
$3,648/mo
+$1,796/mo- Down payment
- $49,217
- Funds due
- $59,468
- Interest + MI left
- $660,807
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $232,783 | $232,783 | $435,783 |
| Second mortgage | — | $203,000 | — |
| First P&I | $1,121.17 | $1,121.17 | $3,017.27 |
| Second P&I | — | $1,454.32 | — |
| Mortgage insurance | $186.93 | $186.93 | $87.16 |
| Taxes, insurance & HOA | $543.17 | $543.17 | $543.17 |
| Total housing payment | $1,851.27 | $3,305.59 | $3,647.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,217
Closing costs & prepaids$13,767
Usable credit−$0
Total buyer cash needed$62,984
Earnest money paid−$0
Remaining funds due$62,984
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,850.00
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)$1,042.00
Initial HOA (3 months)$87.51
Prepaid interest, first (1 days)$19.52
Prepaid interest, second (1 days)$43.10
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 8 moOf the original 30-year loan at 3.060%
Interest already paid$40,638Through Nov 2026
Assumption only · ends Jul 2051$131,294
Assumption + second · ends Jul 2051, second Dec 2056$451,848
New conventional · ends Dec 2056$660,807