Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,269/mo
Lowest payment- Down payment
- $206,856
- Funds due
- $219,591
- Interest + MI left
- $182,359
- First ends
- Dec 2051
Assumption
Assumption + second
$3,384/mo
+$1,115/mo- Down payment
- $54,856
- Funds due
- $68,874
- Interest + MI left
- $431,875
- First ends
- Dec 2051
New loan
New conventional
$3,900/mo
+$1,632/mo- Down payment
- $54,856
- Funds due
- $65,314
- Interest + MI left
- $735,505
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $333,044 | $333,044 | $485,044 |
| Second mortgage | — | $152,000 | — |
| First P&I | $1,558.53 | $1,558.53 | $3,358.35 |
| Second P&I | — | $1,115.32 | — |
| Mortgage insurance | $265.23 | $265.23 | $97.01 |
| Taxes, insurance & HOA | $444.83 | $444.83 | $444.83 |
| Total housing payment | $2,268.59 | $3,383.92 | $3,900.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,856
Closing costs & prepaids$14,018
Usable credit−$0
Total buyer cash needed$68,874
Earnest money paid−$0
Remaining funds due$68,874
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,399.00
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)$534.50
Initial HOA (3 months)$300.00
Prepaid interest, first (1 days)$26.46
Prepaid interest, second (1 days)$33.32
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 closing25 yr 1 moOf the original 30-year loan at 2.900%
Interest already paid$50,558Through Nov 2026
Assumption only · ends Dec 2051$182,359
Assumption + second · ends Dec 2051, second Dec 2056$431,875
New conventional · ends Dec 2056$735,505