Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,848/mo
Lowest payment- Down payment
- $190,485
- Funds due
- $202,080
- Interest + MI left
- $127,524
- First ends
- Mar 2051
Assumption
Assumption + second
$2,912/mo
+$1,064/mo- Down payment
- $45,485
- Funds due
- $58,362
- Interest + MI left
- $365,549
- First ends
- Mar 2051
New loan
New conventional
$3,300/mo
+$1,452/mo- Down payment
- $45,485
- Funds due
- $54,888
- Interest + MI left
- $607,176
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $255,415 | $255,415 | $400,415 |
| Second mortgage | — | $145,000 | — |
| First P&I | $1,191.65 | $1,191.65 | $2,772.39 |
| Second P&I | — | $1,063.96 | — |
| Mortgage insurance | $208.65 | $208.65 | $80.08 |
| Taxes, insurance & HOA | $447.42 | $447.42 | $447.42 |
| Total housing payment | $1,847.72 | $2,911.68 | $3,299.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,485
Closing costs & prepaids$12,877
Usable credit−$0
Total buyer cash needed$58,362
Earnest money paid−$0
Remaining funds due$58,362
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,459.00
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)$326.25
Initial HOA (3 months)$566.01
Prepaid interest, first (1 days)$18.75
Prepaid interest, second (1 days)$31.78
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 4 moOf the original 30-year loan at 2.680%
Interest already paid$41,881Through Nov 2026
Assumption only · ends Mar 2051$127,524
Assumption + second · ends Mar 2051, second Dec 2056$365,549
New conventional · ends Dec 2056$607,176