Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,163/mo
Lowest payment- Down payment
- $219,551
- Funds due
- $230,040
- Interest + MI left
- $76,531
- First ends
- Jan 2051
Assumption
Assumption + second
$2,505/mo
+$1,343/mo- Down payment
- $36,551
- Funds due
- $48,370
- Interest + MI left
- $376,935
- First ends
- Jan 2051
New loan
New conventional
$2,687/mo
+$1,524/mo- Down payment
- $36,551
- Funds due
- $44,985
- Interest + MI left
- $498,115
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $145,449 | $145,449 | $328,449 |
| Second mortgage | — | $183,000 | — |
| First P&I | $696.75 | $696.75 | $2,274.11 |
| Second P&I | — | $1,342.79 | — |
| Mortgage insurance | $118.88 | $118.88 | $65.69 |
| Taxes, insurance & HOA | $347.00 | $347.00 | $347.00 |
| Total housing payment | $1,162.63 | $2,505.42 | $2,686.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,551
Closing costs & prepaids$11,819
Usable credit−$0
Total buyer cash needed$48,370
Earnest money paid−$0
Remaining funds due$48,370
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$297.00
Initial HOA (3 months)$294.00
Prepaid interest, first (2 days)$22.95
Prepaid interest, second (2 days)$80.22
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 2 moOf the original 30-year loan at 2.880%
Interest already paid$26,395Through Nov 2026
Assumption only · ends Jan 2051$76,531
Assumption + second · ends Jan 2051, second Dec 2056$376,935
New conventional · ends Dec 2056$498,115