Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,238/mo
Lowest payment- Down payment
- $250,281
- Funds due
- $263,562
- Interest + MI left
- $149,441
- First ends
- Jan 2051
Assumption
Assumption + second
$3,639/mo
+$1,401/mo- Down payment
- $59,281
- Funds due
- $74,063
- Interest + MI left
- $462,977
- First ends
- Jan 2051
New loan
New conventional
$4,109/mo
+$1,871/mo- Down payment
- $59,281
- Funds due
- $70,661
- Interest + MI left
- $768,688
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $334,719 | $334,719 | $525,719 |
| Second mortgage | — | $191,000 | — |
| First P&I | $1,517.80 | $1,517.80 | $3,561.40 |
| Second P&I | — | $1,401.49 | — |
| Mortgage insurance | $277.54 | $277.54 | $105.14 |
| Taxes, insurance & HOA | $442.34 | $442.34 | $442.34 |
| Total housing payment | $2,237.68 | $3,639.17 | $4,108.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,281
Closing costs & prepaids$14,782
Usable credit−$0
Total buyer cash needed$74,063
Earnest money paid−$0
Remaining funds due$74,063
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,850.00
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)$702.00
Initial HOA (3 months)$125.01
Prepaid interest, first (6 days)$129.30
Prepaid interest, second (6 days)$251.18
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 1 moOf the original 30-year loan at 2.35%
Interest already paid$50,658Through Dec 2026
Assumption only · ends Jan 2051$149,441
Assumption + second · ends Jan 2051, second Jan 2057$462,977
New conventional · ends Jan 2057$768,688