Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,624/mo
Lowest payment- Down payment
- $200,420
- Funds due
- $213,927
- Interest + MI left
- $215,009
- First ends
- Jan 2052
Assumption
Assumption + second
$3,652/mo
+$1,027/mo- Down payment
- $60,420
- Funds due
- $75,361
- Interest + MI left
- $444,826
- First ends
- Jan 2052
New loan
New conventional
$4,212/mo
+$1,587/mo- Down payment
- $60,420
- Funds due
- $71,973
- Interest + MI left
- $788,954
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $399,579 | $399,579 | $539,579 |
| Second mortgage | — | $140,000 | — |
| First P&I | $1,857.51 | $1,857.51 | $3,655.30 |
| Second P&I | — | $1,027.27 | — |
| Mortgage insurance | $318.56 | $318.56 | $107.92 |
| Taxes, insurance & HOA | $448.34 | $448.34 | $448.34 |
| Total housing payment | $2,624.41 | $3,651.68 | $4,211.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,420
Closing costs & prepaids$14,941
Usable credit−$0
Total buyer cash needed$75,361
Earnest money paid−$0
Remaining funds due$75,361
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,999.99
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)$720.00
Initial HOA (3 months)$125.01
Prepaid interest, first (6 days)$186.54
Prepaid interest, second (6 days)$184.11
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 closing25 yr 1 moOf the original 30-year loan at 2.84%
Interest already paid$59,437Through Dec 2026
Assumption only · ends Jan 2052$215,009
Assumption + second · ends Jan 2052, second Jan 2057$444,826
New conventional · ends Jan 2057$788,954