Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,970/mo
Lowest payment- Down payment
- $178,691
- Funds due
- $190,875
- Interest + MI left
- $115,594
- First ends
- Oct 2051
Assumption
Assumption + second
$2,982/mo
+$1,013/mo- Down payment
- $40,691
- Funds due
- $54,337
- Interest + MI left
- $342,129
- First ends
- Oct 2051
New loan
New conventional
$3,270/mo
+$1,300/mo- Down payment
- $40,691
- Funds due
- $51,046
- Interest + MI left
- $525,297
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $221,309 | $221,309 | $359,309 |
| Second mortgage | — | $138,000 | — |
| First P&I | $1,027.96 | $1,027.96 | $2,434.08 |
| Second P&I | — | $1,012.60 | — |
| Mortgage insurance | $177.90 | $177.90 | $71.86 |
| Taxes, insurance & HOA | $764.00 | $764.00 | $764.00 |
| Total housing payment | $1,969.85 | $2,982.45 | $3,269.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,691
Closing costs & prepaids$13,646
Usable credit−$0
Total buyer cash needed$54,337
Earnest money paid−$0
Remaining funds due$54,337
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$480.00
Initial HOA (3 months)$1,362.00
Prepaid interest, first (7 days)$117.57
Prepaid interest, second (7 days)$211.73
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 10 moOf the original 30-year loan at 2.77%
Interest already paid$33,894Through Dec 2026
Assumption only · ends Oct 2051$115,594
Assumption + second · ends Oct 2051, second Jan 2057$342,129
New conventional · ends Jan 2057$525,297