Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,556/mo
Lowest payment- Down payment
- $178,611
- Funds due
- $189,496
- Interest + MI left
- $104,724
- First ends
- Feb 2051
Assumption
Assumption + second
$2,576/mo
+$1,020/mo- Down payment
- $39,611
- Funds due
- $51,776
- Interest + MI left
- $332,900
- First ends
- Feb 2051
New loan
New conventional
$2,881/mo
+$1,325/mo- Down payment
- $39,611
- Funds due
- $48,354
- Interest + MI left
- $526,011
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $207,889 | $207,889 | $346,889 |
| Second mortgage | — | $139,000 | — |
| First P&I | $976.50 | $976.50 | $2,401.79 |
| Second P&I | — | $1,019.93 | — |
| Mortgage insurance | $170.09 | $170.09 | $69.38 |
| Taxes, insurance & HOA | $409.67 | $409.67 | $409.67 |
| Total housing payment | $1,556.26 | $2,576.19 | $2,880.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,611
Closing costs & prepaids$12,165
Usable credit−$0
Total buyer cash needed$51,776
Earnest money paid−$0
Remaining funds due$51,776
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,865.00
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)$623.00
Initial HOA (3 months)$156.00
Prepaid interest, first (1 days)$15.49
Prepaid interest, second (1 days)$30.47
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$35,137Through Nov 2026
Assumption only · ends Feb 2051$104,724
Assumption + second · ends Feb 2051, second Dec 2056$332,900
New conventional · ends Dec 2056$526,011