Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,500/mo
Lowest payment- Down payment
- $200,709
- Funds due
- $211,760
- Interest + MI left
- $101,681
- First ends
- Aug 2051
Assumption
Assumption + second
$2,674/mo
+$1,174/mo- Down payment
- $40,709
- Funds due
- $53,080
- Interest + MI left
- $364,330
- First ends
- Aug 2051
New loan
New conventional
$2,994/mo
+$1,495/mo- Down payment
- $40,709
- Funds due
- $49,672
- Interest + MI left
- $552,472
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $204,291 | $204,291 | $364,291 |
| Second mortgage | — | $160,000 | — |
| First P&I | $935.53 | $935.53 | $2,522.28 |
| Second P&I | — | $1,174.02 | — |
| Mortgage insurance | $165.09 | $165.09 | $72.86 |
| Taxes, insurance & HOA | $399.00 | $399.00 | $399.00 |
| Total housing payment | $1,499.62 | $2,673.64 | $2,994.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,709
Closing costs & prepaids$12,371
Usable credit−$0
Total buyer cash needed$53,080
Earnest money paid−$0
Remaining funds due$53,080
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,050.00
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)$429.00
Initial HOA (3 months)$318.00
Prepaid interest, first (2 days)$29.33
Prepaid interest, second (2 days)$70.14
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 9 moOf the original 30-year loan at 2.620%
Interest already paid$30,156Through Nov 2026
Assumption only · ends Aug 2051$101,681
Assumption + second · ends Aug 2051, second Dec 2056$364,330
New conventional · ends Dec 2056$552,472