Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,529/mo
Lowest payment- Down payment
- $238,989
- Funds due
- $252,614
- Interest + MI left
- $205,787
- First ends
- Aug 2051
Assumption
Assumption + second
$3,828/mo
+$1,299/mo- Down payment
- $61,989
- Funds due
- $77,097
- Interest + MI left
- $496,342
- First ends
- Aug 2051
New loan
New conventional
$4,278/mo
+$1,748/mo- Down payment
- $61,989
- Funds due
- $73,658
- Interest + MI left
- $801,173
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $371,011 | $371,011 | $548,011 |
| Second mortgage | — | $177,000 | — |
| First P&I | $1,775.36 | $1,775.36 | $3,712.42 |
| Second P&I | — | $1,298.76 | — |
| Mortgage insurance | $298.28 | $298.28 | $109.60 |
| Taxes, insurance & HOA | $455.67 | $455.67 | $455.67 |
| Total housing payment | $2,529.30 | $3,828.06 | $4,277.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$61,989
Closing costs & prepaids$15,108
Usable credit−$0
Total buyer cash needed$77,097
Earnest money paid−$0
Remaining funds due$77,097
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,100.00
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)$732.00
Initial HOA (3 months)$135.00
Prepaid interest, first (6 days)$182.96
Prepaid interest, second (6 days)$232.77
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 8 moOf the original 30-year loan at 3%
Interest already paid$63,538Through Dec 2026
Assumption only · ends Aug 2051$205,787
Assumption + second · ends Aug 2051, second Jan 2057$496,342
New conventional · ends Jan 2057$801,173