Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,051/mo
Lowest payment- Down payment
- $254,998
- Funds due
- $267,973
- Interest + MI left
- $132,924
- First ends
- Feb 2051
Assumption
Assumption + second
$3,505/mo
+$1,454/mo- Down payment
- $51,998
- Funds due
- $66,266
- Interest + MI left
- $453,478
- First ends
- Feb 2051
New loan
New conventional
$3,909/mo
+$1,858/mo- Down payment
- $51,998
- Funds due
- $62,728
- Interest + MI left
- $702,174
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $260,002 | $260,002 | $463,002 |
| Second mortgage | — | $203,000 | — |
| First P&I | $1,227.90 | $1,227.90 | $3,205.73 |
| Second P&I | — | $1,454.32 | — |
| Mortgage insurance | $212.50 | $212.50 | $92.60 |
| Taxes, insurance & HOA | $610.34 | $610.34 | $610.34 |
| Total housing payment | $2,050.74 | $3,505.06 | $3,908.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,998
Closing costs & prepaids$14,269
Usable credit−$0
Total buyer cash needed$66,266
Earnest money paid−$0
Remaining funds due$66,266
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,150.00
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)$705.00
Initial HOA (3 months)$626.01
Prepaid interest, first (1 days)$19.73
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 3 moOf the original 30-year loan at 2.770%
Interest already paid$44,728Through Nov 2026
Assumption only · ends Feb 2051$132,924
Assumption + second · ends Feb 2051, second Dec 2056$453,478
New conventional · ends Dec 2056$702,174