Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,614/mo
Lowest payment- Down payment
- $220,321
- Funds due
- $231,242
- Interest + MI left
- $194,513
- First ends
- Dec 2052
Assumption
Assumption + second
$2,943/mo
+$1,328/mo- Down payment
- $39,321
- Funds due
- $51,532
- Interest + MI left
- $491,634
- First ends
- Dec 2052
New loan
New conventional
$2,901/mo
+$1,286/mo- Down payment
- $39,321
- Funds due
- $48,092
- Interest + MI left
- $530,242
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $168,679 | $168,679 | $349,679 |
| Second mortgage | — | $181,000 | — |
| First P&I | $1,078.97 | $1,078.97 | $2,421.11 |
| Second P&I | — | $1,328.11 | — |
| Mortgage insurance | $125.98 | $125.98 | $69.94 |
| Taxes, insurance & HOA | $409.50 | $409.50 | $409.50 |
| Total housing payment | $1,614.45 | $2,942.56 | $2,900.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,321
Closing costs & prepaids$12,211
Usable credit−$0
Total buyer cash needed$51,532
Earnest money paid−$0
Remaining funds due$51,532
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,890.00
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)$547.50
Initial HOA (3 months)$231.00
Prepaid interest, first (1 days)$28.24
Prepaid interest, second (1 days)$39.67
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 closing26 yr 1 moOf the original 30-year loan at 6.110%
Interest already paid$41,532Through Nov 2026
Assumption only · ends Dec 2052$194,513
Assumption + second · ends Dec 2052, second Dec 2056$491,634
New conventional · ends Dec 2056$530,242