Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,372/mo
Lowest payment- Down payment
- $229,185
- Funds due
- $242,481
- Interest + MI left
- $170,656
- First ends
- Feb 2051
Assumption
Assumption + second
$3,634/mo
+$1,262/mo- Down payment
- $57,185
- Funds due
- $71,957
- Interest + MI left
- $453,003
- First ends
- Feb 2051
New loan
New conventional
$4,066/mo
+$1,694/mo- Down payment
- $57,185
- Funds due
- $68,562
- Interest + MI left
- $749,820
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $340,815 | $340,815 | $512,815 |
| Second mortgage | — | $172,000 | — |
| First P&I | $1,603.05 | $1,603.05 | $3,473.99 |
| Second P&I | — | $1,262.08 | — |
| Mortgage insurance | $279.59 | $279.59 | $102.56 |
| Taxes, insurance & HOA | $489.67 | $489.67 | $489.67 |
| Total housing payment | $2,372.31 | $3,634.38 | $4,066.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,185
Closing costs & prepaids$14,772
Usable credit−$0
Total buyer cash needed$71,957
Earnest money paid−$0
Remaining funds due$71,957
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,700.00
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)$684.00
Initial HOA (3 months)$285.00
Prepaid interest, first (6 days)$151.83
Prepaid interest, second (6 days)$226.19
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 2 moOf the original 30-year loan at 2.71%
Interest already paid$58,311Through Dec 2026
Assumption only · ends Feb 2051$170,656
Assumption + second · ends Feb 2051, second Jan 2057$453,003
New conventional · ends Jan 2057$749,820