Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$858/mo
Lowest payment- Down payment
- $263,431
- Funds due
- $273,920
- Interest + MI left
- $37,298
- First ends
- Mar 2051
Assumption
Assumption + second
$2,491/mo
+$1,633/mo- Down payment
- $35,431
- Funds due
- $47,219
- Interest + MI left
- $397,330
- First ends
- Mar 2051
New loan
New conventional
$2,643/mo
+$1,785/mo- Down payment
- $35,431
- Funds due
- $43,824
- Interest + MI left
- $476,851
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $86,469 | $86,469 | $314,469 |
| Second mortgage | — | $228,000 | — |
| First P&I | $383.54 | $383.54 | $2,177.32 |
| Second P&I | — | $1,633.42 | — |
| Mortgage insurance | $71.36 | $71.36 | $62.89 |
| Taxes, insurance & HOA | $403.17 | $403.17 | $403.17 |
| Total housing payment | $858.07 | $2,491.49 | $2,643.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,431
Closing costs & prepaids$11,787
Usable credit−$0
Total buyer cash needed$47,219
Earnest money paid−$0
Remaining funds due$47,219
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.00
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)$285.50
Initial HOA (3 months)$474.00
Prepaid interest, first (1 days)$5.26
Prepaid interest, second (1 days)$48.41
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 4 moOf the original 30-year loan at 2.220%
Interest already paid$11,808Through Nov 2026
Assumption only · ends Mar 2051$37,298
Assumption + second · ends Mar 2051, second Dec 2056$397,330
New conventional · ends Dec 2056$476,851