Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,976/mo
Lowest payment- Down payment
- $203,889
- Funds due
- $215,999
- Interest + MI left
- $151,739
- First ends
- Jul 2051
Assumption
Assumption + second
$3,113/mo
+$1,137/mo- Down payment
- $48,889
- Funds due
- $62,283
- Interest + MI left
- $406,180
- First ends
- Jul 2051
New loan
New conventional
$3,505/mo
+$1,529/mo- Down payment
- $48,889
- Funds due
- $58,775
- Interest + MI left
- $652,206
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $275,111 | $275,111 | $430,111 |
| Second mortgage | — | $155,000 | — |
| First P&I | $1,313.61 | $1,313.61 | $2,978.00 |
| Second P&I | — | $1,137.34 | — |
| Mortgage insurance | $221.26 | $221.26 | $86.02 |
| Taxes, insurance & HOA | $440.91 | $440.91 | $440.91 |
| Total housing payment | $1,975.78 | $3,113.12 | $3,504.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,889
Closing costs & prepaids$13,394
Usable credit−$0
Total buyer cash needed$62,283
Earnest money paid−$0
Remaining funds due$62,283
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,790.00
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)$512.75
Initial HOA (3 months)$309.99
Prepaid interest, first (1 days)$22.46
Prepaid interest, second (1 days)$33.97
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 8 moOf the original 30-year loan at 2.980%
Interest already paid$46,810Through Nov 2026
Assumption only · ends Jul 2051$151,739
Assumption + second · ends Jul 2051, second Dec 2056$406,180
New conventional · ends Dec 2056$652,206