Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,087/mo
Lowest payment- Down payment
- $206,436
- Funds due
- $218,856
- Interest + MI left
- $166,352
- First ends
- Jun 2051
Assumption
Assumption + second
$3,231/mo
+$1,145/mo- Down payment
- $50,436
- Funds due
- $64,346
- Interest + MI left
- $422,434
- First ends
- Jun 2051
New loan
New conventional
$3,559/mo
+$1,472/mo- Down payment
- $50,436
- Funds due
- $60,997
- Interest + MI left
- $657,337
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $293,564 | $293,564 | $449,564 |
| Second mortgage | — | $156,000 | — |
| First P&I | $1,426.48 | $1,426.48 | $3,045.50 |
| Second P&I | — | $1,144.67 | — |
| Mortgage insurance | $236.62 | $236.62 | $89.91 |
| Taxes, insurance & HOA | $423.67 | $423.67 | $423.67 |
| Total housing payment | $2,086.77 | $3,231.44 | $3,559.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,436
Closing costs & prepaids$13,910
Usable credit−$0
Total buyer cash needed$64,346
Earnest money paid−$0
Remaining funds due$64,346
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,000.00
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)$600.00
Initial HOA (3 months)$171.00
Prepaid interest, first (7 days)$174.53
Prepaid interest, second (7 days)$239.34
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 6 moOf the original 30-year loan at 3.1%
Interest already paid$53,655Through Dec 2026
Assumption only · ends Jun 2051$166,352
Assumption + second · ends Jun 2051, second Jan 2057$422,434
New conventional · ends Jan 2057$657,337