Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$970/mo
Lowest payment- Down payment
- $210,246
- Funds due
- $220,306
- Interest + MI left
- $60,365
- First ends
- Jul 2051
Assumption
Assumption + second
$2,276/mo
+$1,306/mo- Down payment
- $32,246
- Funds due
- $43,595
- Interest + MI left
- $352,561
- First ends
- Jul 2051
New loan
New conventional
$2,408/mo
+$1,438/mo- Down payment
- $32,246
- Funds due
- $40,233
- Interest + MI left
- $436,398
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $109,754 | $109,754 | $287,754 |
| Second mortgage | — | $178,000 | — |
| First P&I | $523.49 | $523.49 | $1,992.35 |
| Second P&I | — | $1,306.10 | — |
| Mortgage insurance | $88.29 | $88.29 | $57.55 |
| Taxes, insurance & HOA | $358.58 | $358.58 | $358.58 |
| Total housing payment | $970.36 | $2,276.46 | $2,408.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,246
Closing costs & prepaids$11,349
Usable credit−$0
Total buyer cash needed$43,595
Earnest money paid−$0
Remaining funds due$43,595
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,200.00
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)$295.75
Initial HOA (3 months)$330.00
Prepaid interest, first (1 days)$8.93
Prepaid interest, second (1 days)$39.01
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 8 moOf the original 30-year loan at 2.970%
Interest already paid$18,614Through Nov 2026
Assumption only · ends Jul 2051$60,365
Assumption + second · ends Jul 2051, second Dec 2056$352,561
New conventional · ends Dec 2056$436,398