Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,163/mo
Lowest payment- Down payment
- $235,198
- Funds due
- $248,246
- Interest + MI left
- $142,925
- First ends
- Apr 2051
Assumption
Assumption + second
$3,483/mo
+$1,321/mo- Down payment
- $55,198
- Funds due
- $69,732
- Interest + MI left
- $438,404
- First ends
- Apr 2051
New loan
New conventional
$3,934/mo
+$1,772/mo- Down payment
- $55,198
- Funds due
- $66,355
- Interest + MI left
- $723,482
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $314,802 | $314,802 | $494,802 |
| Second mortgage | — | $180,000 | — |
| First P&I | $1,420.49 | $1,420.49 | $3,351.96 |
| Second P&I | — | $1,320.78 | — |
| Mortgage insurance | $258.89 | $258.89 | $98.96 |
| Taxes, insurance & HOA | $483.34 | $483.34 | $483.34 |
| Total housing payment | $2,162.72 | $3,483.49 | $3,934.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,198
Closing costs & prepaids$14,535
Usable credit−$0
Total buyer cash needed$69,732
Earnest money paid−$0
Remaining funds due$69,732
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,500.00
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)$660.00
Initial HOA (3 months)$290.01
Prepaid interest, first (6 days)$122.90
Prepaid interest, second (6 days)$236.71
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 2.375%
Interest already paid$45,905Through Dec 2026
Assumption only · ends Apr 2051$142,925
Assumption + second · ends Apr 2051, second Jan 2057$438,404
New conventional · ends Jan 2057$723,482