Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,819/mo
Lowest payment- Down payment
- $201,379
- Funds due
- $212,919
- Interest + MI left
- $140,945
- First ends
- Jun 2051
Assumption
Assumption + second
$2,963/mo
+$1,145/mo- Down payment
- $45,379
- Funds due
- $58,203
- Interest + MI left
- $397,027
- First ends
- Jun 2051
New loan
New conventional
$3,297/mo
+$1,478/mo- Down payment
- $45,379
- Funds due
- $54,726
- Interest + MI left
- $613,635
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $248,621 | $248,621 | $404,621 |
| Second mortgage | — | $156,000 | — |
| First P&I | $1,204.06 | $1,204.06 | $2,801.51 |
| Second P&I | — | $1,144.67 | — |
| Mortgage insurance | $199.98 | $199.98 | $80.92 |
| Taxes, insurance & HOA | $414.58 | $414.58 | $414.58 |
| Total housing payment | $1,818.62 | $2,963.30 | $3,297.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,379
Closing costs & prepaids$12,824
Usable credit−$0
Total buyer cash needed$58,203
Earnest money paid−$0
Remaining funds due$58,203
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)$643.75
Initial HOA (3 months)$150.00
Prepaid interest, first (1 days)$21.05
Prepaid interest, second (1 days)$34.19
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 7 moOf the original 30-year loan at 3.090%
Interest already paid$44,556Through Nov 2026
Assumption only · ends Jun 2051$140,945
Assumption + second · ends Jun 2051, second Dec 2056$397,027
New conventional · ends Dec 2056$613,635