Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,493/mo
Lowest payment- Down payment
- $187,909
- Funds due
- $198,670
- Interest + MI left
- $106,840
- First ends
- Feb 2051
Assumption
Assumption + second
$2,572/mo
+$1,079/mo- Down payment
- $40,909
- Funds due
- $52,952
- Interest + MI left
- $348,149
- First ends
- Feb 2051
New loan
New conventional
$2,882/mo
+$1,388/mo- Down payment
- $40,909
- Funds due
- $49,518
- Interest + MI left
- $544,512
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $212,090 | $212,090 | $359,090 |
| Second mortgage | — | $147,000 | — |
| First P&I | $996.23 | $996.23 | $2,486.27 |
| Second P&I | — | $1,078.63 | — |
| Mortgage insurance | $173.53 | $173.53 | $71.82 |
| Taxes, insurance & HOA | $323.42 | $323.42 | $323.42 |
| Total housing payment | $1,493.18 | $2,571.81 | $2,881.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,909
Closing costs & prepaids$12,043
Usable credit−$0
Total buyer cash needed$52,952
Earnest money paid−$0
Remaining funds due$52,952
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.99
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)$295.25
Initial HOA (3 months)$225.00
Prepaid interest, first (1 days)$15.81
Prepaid interest, second (1 days)$32.22
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 2.720%
Interest already paid$35,847Through Nov 2026
Assumption only · ends Feb 2051$106,840
Assumption + second · ends Feb 2051, second Dec 2056$348,149
New conventional · ends Dec 2056$544,512