Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,557/mo
Lowest payment- Down payment
- $239,422
- Funds due
- $251,141
- Interest + MI left
- $94,726
- First ends
- Oct 2051
Assumption
Assumption + second
$3,002/mo
+$1,446/mo- Down payment
- $42,422
- Funds due
- $55,434
- Interest + MI left
- $418,112
- First ends
- Oct 2051
New loan
New conventional
$3,248/mo
+$1,691/mo- Down payment
- $42,422
- Funds due
- $51,979
- Interest + MI left
- $564,965
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $175,578 | $175,578 | $372,578 |
| Second mortgage | — | $197,000 | — |
| First P&I | $822.67 | $822.67 | $2,579.65 |
| Second P&I | — | $1,445.52 | — |
| Mortgage insurance | $140.54 | $140.54 | $74.52 |
| Taxes, insurance & HOA | $593.50 | $593.50 | $593.50 |
| Total housing payment | $1,556.71 | $3,002.22 | $3,247.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,422
Closing costs & prepaids$13,012
Usable credit−$0
Total buyer cash needed$55,434
Earnest money paid−$0
Remaining funds due$55,434
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
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)$655.50
Initial HOA (3 months)$675.00
Prepaid interest, first (1 days)$13.81
Prepaid interest, second (1 days)$43.18
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 11 moOf the original 30-year loan at 2.870%
Interest already paid$27,349Through Nov 2026
Assumption only · ends Oct 2051$94,726
Assumption + second · ends Oct 2051, second Dec 2056$418,112
New conventional · ends Dec 2056$564,965