Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,086/mo
Lowest payment- Down payment
- $263,115
- Funds due
- $273,874
- Interest + MI left
- $75,365
- First ends
- Jul 2051
Assumption
Assumption + second
$2,683/mo
+$1,598/mo- Down payment
- $40,115
- Funds due
- $52,171
- Interest + MI left
- $427,501
- First ends
- Jul 2051
New loan
New conventional
$2,873/mo
+$1,787/mo- Down payment
- $40,115
- Funds due
- $48,734
- Interest + MI left
- $539,652
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $132,885 | $132,885 | $355,885 |
| Second mortgage | — | $223,000 | — |
| First P&I | $641.41 | $641.41 | $2,464.08 |
| Second P&I | — | $1,597.60 | — |
| Mortgage insurance | $106.67 | $106.67 | $71.18 |
| Taxes, insurance & HOA | $337.58 | $337.58 | $337.58 |
| Total housing payment | $1,085.66 | $2,683.26 | $2,872.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,115
Closing costs & prepaids$12,056
Usable credit−$0
Total buyer cash needed$52,171
Earnest money paid−$0
Remaining funds due$52,171
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,960.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$403.75
Initial HOA (3 months)$159.00
Prepaid interest, first (1 days)$11.21
Prepaid interest, second (1 days)$47.35
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 3.080%
Interest already paid$23,345Through Nov 2026
Assumption only · ends Jul 2051$75,365
Assumption + second · ends Jul 2051, second Dec 2056$427,501
New conventional · ends Dec 2056$539,652