Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,045/mo
Lowest payment- Down payment
- $195,701
- Funds due
- $208,055
- Interest + MI left
- $134,052
- First ends
- Mar 2051
Assumption
Assumption + second
$3,138/mo
+$1,093/mo- Down payment
- $46,701
- Funds due
- $60,337
- Interest + MI left
- $378,644
- First ends
- Mar 2051
New loan
New conventional
$3,549/mo
+$1,505/mo- Down payment
- $46,701
- Funds due
- $56,853
- Interest + MI left
- $634,379
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $269,299 | $269,299 | $418,299 |
| Second mortgage | — | $149,000 | — |
| First P&I | $1,255.06 | $1,255.06 | $2,896.22 |
| Second P&I | — | $1,093.31 | — |
| Mortgage insurance | $220.04 | $220.04 | $83.66 |
| Taxes, insurance & HOA | $569.58 | $569.58 | $569.58 |
| Total housing payment | $2,044.68 | $3,137.99 | $3,549.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,701
Closing costs & prepaids$13,636
Usable credit−$0
Total buyer cash needed$60,337
Earnest money paid−$0
Remaining funds due$60,337
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,650.00
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)$770.75
Initial HOA (3 months)$438.00
Prepaid interest, first (1 days)$19.70
Prepaid interest, second (1 days)$32.66
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 2.670%
Interest already paid$43,997Through Nov 2026
Assumption only · ends Mar 2051$134,052
Assumption + second · ends Mar 2051, second Dec 2056$378,644
New conventional · ends Dec 2056$634,379