Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,902/mo
Lowest payment- Down payment
- $266,038
- Funds due
- $278,502
- Interest + MI left
- $157,782
- First ends
- Aug 2051
Assumption
Assumption + second
$3,414/mo
+$1,512/mo- Down payment
- $55,038
- Funds due
- $68,796
- Interest + MI left
- $490,969
- First ends
- Aug 2051
New loan
New conventional
$3,828/mo
+$1,926/mo- Down payment
- $55,038
- Funds due
- $65,227
- Interest + MI left
- $742,811
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $278,862 | $278,862 | $489,862 |
| Second mortgage | — | $211,000 | — |
| First P&I | $1,340.07 | $1,340.07 | $3,391.71 |
| Second P&I | — | $1,511.63 | — |
| Mortgage insurance | $223.43 | $223.43 | $97.97 |
| Taxes, insurance & HOA | $338.58 | $338.58 | $338.58 |
| Total housing payment | $1,902.08 | $3,413.71 | $3,828.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,038
Closing costs & prepaids$13,758
Usable credit−$0
Total buyer cash needed$68,796
Earnest money paid−$0
Remaining funds due$68,796
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,449.00
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)$440.75
Initial HOA (3 months)$75.00
Prepaid interest, first (1 days)$23.38
Prepaid interest, second (1 days)$44.80
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 9 moOf the original 30-year loan at 3.060%
Interest already paid$47,861Through Nov 2026
Assumption only · ends Aug 2051$157,782
Assumption + second · ends Aug 2051, second Dec 2056$490,969
New conventional · ends Dec 2056$742,811