Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,305/mo
Lowest payment- Down payment
- $242,198
- Funds due
- $255,417
- Interest + MI left
- $180,126
- First ends
- Dec 2051
Assumption
Assumption + second
$3,655/mo
+$1,350/mo- Down payment
- $58,198
- Funds due
- $72,708
- Interest + MI left
- $482,171
- First ends
- Dec 2051
New loan
New conventional
$4,171/mo
+$1,866/mo- Down payment
- $58,198
- Funds due
- $69,114
- Interest + MI left
- $783,662
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $332,802 | $332,802 | $516,802 |
| Second mortgage | — | $184,000 | — |
| First P&I | $1,550.52 | $1,550.52 | $3,578.23 |
| Second P&I | — | $1,350.13 | — |
| Mortgage insurance | $265.23 | $265.23 | $103.36 |
| Taxes, insurance & HOA | $489.50 | $489.50 | $489.50 |
| Total housing payment | $2,305.25 | $3,655.38 | $4,171.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,198
Closing costs & prepaids$14,510
Usable credit−$0
Total buyer cash needed$72,708
Earnest money paid−$0
Remaining funds due$72,708
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,750.00
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)$593.50
Initial HOA (3 months)$375.00
Prepaid interest, first (1 days)$26.08
Prepaid interest, second (1 days)$40.33
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 closing25 yr 1 moOf the original 30-year loan at 2.860%
Interest already paid$49,843Through Nov 2026
Assumption only · ends Dec 2051$180,126
Assumption + second · ends Dec 2051, second Dec 2056$482,171
New conventional · ends Dec 2056$783,662