Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,364/mo
Lowest payment- Down payment
- $235,946
- Funds due
- $247,011
- Interest + MI left
- $96,472
- First ends
- Jun 2051
Assumption
Assumption + second
$2,795/mo
+$1,431/mo- Down payment
- $40,946
- Funds due
- $53,303
- Interest + MI left
- $416,575
- First ends
- Jun 2051
New loan
New conventional
$2,990/mo
+$1,627/mo- Down payment
- $40,946
- Funds due
- $49,860
- Interest + MI left
- $547,490
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $166,054 | $166,054 | $361,054 |
| Second mortgage | — | $195,000 | — |
| First P&I | $812.00 | $812.00 | $2,499.86 |
| Second P&I | — | $1,430.84 | — |
| Mortgage insurance | $133.33 | $133.33 | $72.21 |
| Taxes, insurance & HOA | $418.42 | $418.42 | $418.42 |
| Total housing payment | $1,363.76 | $2,794.60 | $2,990.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,946
Closing costs & prepaids$12,357
Usable credit−$0
Total buyer cash needed$53,303
Earnest money paid−$0
Remaining funds due$53,303
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,020.00
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)$535.25
Initial HOA (3 months)$270.00
Prepaid interest, first (1 days)$14.47
Prepaid interest, second (1 days)$42.74
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 7 moOf the original 30-year loan at 3.180%
Interest already paid$30,597Through Nov 2026
Assumption only · ends Jun 2051$96,472
Assumption + second · ends Jun 2051, second Dec 2056$416,575
New conventional · ends Dec 2056$547,490