Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,564/mo
Lowest payment- Down payment
- $251,184
- Funds due
- $263,087
- Interest + MI left
- $109,671
- First ends
- Dec 2051
Assumption
Assumption + second
$3,033/mo
+$1,469/mo- Down payment
- $46,184
- Funds due
- $59,381
- Interest + MI left
- $433,384
- First ends
- Dec 2051
New loan
New conventional
$3,367/mo
+$1,802/mo- Down payment
- $46,184
- Funds due
- $55,893
- Interest + MI left
- $619,915
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $203,816 | $203,816 | $408,816 |
| Second mortgage | — | $205,000 | — |
| First P&I | $947.48 | $947.48 | $2,830.56 |
| Second P&I | — | $1,468.65 | — |
| Mortgage insurance | $162.49 | $162.49 | $81.76 |
| Taxes, insurance & HOA | $454.25 | $454.25 | $454.25 |
| Total housing payment | $1,564.22 | $3,032.86 | $3,366.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,184
Closing costs & prepaids$13,197
Usable credit−$0
Total buyer cash needed$59,381
Earnest money paid−$0
Remaining funds due$59,381
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,550.00
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)$406.75
Initial HOA (3 months)$456.00
Prepaid interest, first (1 days)$15.86
Prepaid interest, second (1 days)$43.53
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 2.840%
Interest already paid$30,317Through Nov 2026
Assumption only · ends Dec 2051$109,671
Assumption + second · ends Dec 2051, second Dec 2056$433,384
New conventional · ends Dec 2056$619,915