Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,605/mo
Lowest payment- Down payment
- $220,354
- Funds due
- $231,680
- Interest + MI left
- $124,255
- First ends
- Oct 2051
Assumption
Assumption + second
$2,889/mo
+$1,284/mo- Down payment
- $45,354
- Funds due
- $57,968
- Interest + MI left
- $411,527
- First ends
- Oct 2051
New loan
New conventional
$3,227/mo
+$1,622/mo- Down payment
- $45,354
- Funds due
- $54,490
- Interest + MI left
- $613,673
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $229,646 | $229,646 | $404,646 |
| Second mortgage | — | $175,000 | — |
| First P&I | $1,077.18 | $1,077.18 | $2,801.69 |
| Second P&I | — | $1,284.09 | — |
| Mortgage insurance | $183.79 | $183.79 | $80.93 |
| Taxes, insurance & HOA | $344.08 | $344.08 | $344.08 |
| Total housing payment | $1,605.05 | $2,889.14 | $3,226.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,354
Closing costs & prepaids$12,614
Usable credit−$0
Total buyer cash needed$57,968
Earnest money paid−$0
Remaining funds due$57,968
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$414.25
Initial HOA (3 months)$168.00
Prepaid interest, first (1 days)$18.12
Prepaid interest, second (1 days)$38.36
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 2.880%
Interest already paid$35,892Through Nov 2026
Assumption only · ends Oct 2051$124,255
Assumption + second · ends Oct 2051, second Dec 2056$411,527
New conventional · ends Dec 2056$613,673