Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,561/mo
Lowest payment- Down payment
- $194,832
- Funds due
- $208,053
- Interest + MI left
- $210,101
- First ends
- Aug 2051
Assumption
Assumption + second
$3,559/mo
+$998/mo- Down payment
- $58,832
- Funds due
- $73,482
- Interest + MI left
- $433,352
- First ends
- Aug 2051
New loan
New conventional
$4,051/mo
+$1,490/mo- Down payment
- $58,832
- Funds due
- $70,092
- Interest + MI left
- $760,468
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $384,168 | $384,168 | $520,168 |
| Second mortgage | — | $136,000 | — |
| First P&I | $1,828.37 | $1,828.37 | $3,523.80 |
| Second P&I | — | $997.92 | — |
| Mortgage insurance | $309.16 | $309.16 | $104.03 |
| Taxes, insurance & HOA | $423.25 | $423.25 | $423.25 |
| Total housing payment | $2,560.77 | $3,558.69 | $4,051.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,832
Closing costs & prepaids$14,650
Usable credit−$0
Total buyer cash needed$73,482
Earnest money paid−$0
Remaining funds due$73,482
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,790.00
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)$694.75
Initial HOA (3 months)$75.00
Prepaid interest, first (6 days)$186.30
Prepaid interest, second (6 days)$178.85
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 8 moOf the original 30-year loan at 2.95%
Interest already paid$64,728Through Dec 2026
Assumption only · ends Aug 2051$210,101
Assumption + second · ends Aug 2051, second Jan 2057$433,352
New conventional · ends Jan 2057$760,468