Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,708/mo
Lowest payment- Down payment
- $200,512
- Funds due
- $211,971
- Interest + MI left
- $114,529
- First ends
- Mar 2051
Assumption
Assumption + second
$2,860/mo
+$1,152/mo- Down payment
- $43,512
- Funds due
- $56,290
- Interest + MI left
- $372,253
- First ends
- Mar 2051
New loan
New conventional
$3,203/mo
+$1,495/mo- Down payment
- $43,512
- Funds due
- $52,859
- Interest + MI left
- $585,906
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $229,388 | $229,388 | $386,388 |
| Second mortgage | — | $157,000 | — |
| First P&I | $1,070.22 | $1,070.22 | $2,675.27 |
| Second P&I | — | $1,152.01 | — |
| Mortgage insurance | $187.39 | $187.39 | $77.28 |
| Taxes, insurance & HOA | $450.50 | $450.50 | $450.50 |
| Total housing payment | $1,708.10 | $2,860.12 | $3,203.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,512
Closing costs & prepaids$12,778
Usable credit−$0
Total buyer cash needed$56,290
Earnest money paid−$0
Remaining funds due$56,290
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,299.00
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)$452.75
Initial HOA (3 months)$448.74
Prepaid interest, first (2 days)$33.69
Prepaid interest, second (2 days)$68.82
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 4 moOf the original 30-year loan at 2.680%
Interest already paid$37,613Through Nov 2026
Assumption only · ends Mar 2051$114,529
Assumption + second · ends Mar 2051, second Dec 2056$372,253
New conventional · ends Dec 2056$585,906