Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,928/mo
Lowest payment- Down payment
- $196,268
- Funds due
- $208,215
- Interest + MI left
- $149,746
- First ends
- Aug 2051
Assumption
Assumption + second
$3,021/mo
+$1,093/mo- Down payment
- $47,268
- Funds due
- $60,530
- Interest + MI left
- $394,337
- First ends
- Aug 2051
New loan
New conventional
$3,421/mo
+$1,493/mo- Down payment
- $47,268
- Funds due
- $57,070
- Interest + MI left
- $641,102
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $273,732 | $273,732 | $422,732 |
| Second mortgage | — | $149,000 | — |
| First P&I | $1,298.37 | $1,298.37 | $2,926.91 |
| Second P&I | — | $1,093.31 | — |
| Mortgage insurance | $219.82 | $219.82 | $84.55 |
| Taxes, insurance & HOA | $409.42 | $409.42 | $409.42 |
| Total housing payment | $1,927.61 | $3,020.92 | $3,420.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,268
Closing costs & prepaids$13,263
Usable credit−$0
Total buyer cash needed$60,530
Earnest money paid−$0
Remaining funds due$60,530
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,700.00
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)$437.25
Initial HOA (3 months)$291.00
Prepaid interest, first (2 days)$44.10
Prepaid interest, second (2 days)$65.32
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 2.940%
Interest already paid$45,193Through Nov 2026
Assumption only · ends Aug 2051$149,746
Assumption + second · ends Aug 2051, second Dec 2056$394,337
New conventional · ends Dec 2056$641,102