Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,223/mo
Lowest payment- Down payment
- $243,087
- Funds due
- $256,259
- Interest + MI left
- $158,229
- First ends
- Apr 2051
Assumption
Assumption + second
$3,595/mo
+$1,372/mo- Down payment
- $56,087
- Funds due
- $70,754
- Interest + MI left
- $465,199
- First ends
- Apr 2051
New loan
New conventional
$4,000/mo
+$1,777/mo- Down payment
- $56,087
- Funds due
- $67,353
- Interest + MI left
- $736,804
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $316,913 | $316,913 | $503,913 |
| Second mortgage | — | $187,000 | — |
| First P&I | $1,478.57 | $1,478.57 | $3,413.68 |
| Second P&I | — | $1,372.14 | — |
| Mortgage insurance | $258.89 | $258.89 | $100.78 |
| Taxes, insurance & HOA | $485.67 | $485.67 | $485.67 |
| Total housing payment | $2,223.12 | $3,595.26 | $4,000.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,087
Closing costs & prepaids$14,668
Usable credit−$0
Total buyer cash needed$70,754
Earnest money paid−$0
Remaining funds due$70,754
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,600.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$672.00
Initial HOA (3 months)$285.00
Prepaid interest, first (6 days)$139.62
Prepaid interest, second (6 days)$245.92
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 2.68%
Interest already paid$51,965Through Dec 2026
Assumption only · ends Apr 2051$158,229
Assumption + second · ends Apr 2051, second Jan 2057$465,199
New conventional · ends Jan 2057$736,804