Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,684/mo
Lowest payment- Down payment
- $212,446
- Funds due
- $223,958
- Interest + MI left
- $114,478
- First ends
- Apr 2051
Assumption
Assumption + second
$2,917/mo
+$1,233/mo- Down payment
- $44,446
- Funds due
- $57,245
- Interest + MI left
- $390,259
- First ends
- Apr 2051
New loan
New conventional
$3,239/mo
+$1,555/mo- Down payment
- $44,446
- Funds due
- $53,776
- Interest + MI left
- $592,223
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $222,554 | $222,554 | $390,554 |
| Second mortgage | — | $168,000 | — |
| First P&I | $1,046.01 | $1,046.01 | $2,704.12 |
| Second P&I | — | $1,232.72 | — |
| Mortgage insurance | $181.02 | $181.02 | $78.11 |
| Taxes, insurance & HOA | $456.75 | $456.75 | $456.75 |
| Total housing payment | $1,683.79 | $2,916.51 | $3,238.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,446
Closing costs & prepaids$12,799
Usable credit−$0
Total buyer cash needed$57,245
Earnest money paid−$0
Remaining funds due$57,245
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,350.00
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)$461.25
Initial HOA (3 months)$459.00
Prepaid interest, first (1 days)$16.89
Prepaid interest, second (1 days)$36.82
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 5 moOf the original 30-year loan at 2.770%
Interest already paid$37,076Through Nov 2026
Assumption only · ends Apr 2051$114,478
Assumption + second · ends Apr 2051, second Dec 2056$390,259
New conventional · ends Dec 2056$592,223