Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,835/mo
Lowest payment- Down payment
- $226,379
- Funds due
- $238,440
- Interest + MI left
- $140,945
- First ends
- Jun 2051
Assumption
Assumption + second
$3,141/mo
+$1,306/mo- Down payment
- $48,379
- Funds due
- $61,768
- Interest + MI left
- $433,141
- First ends
- Jun 2051
New loan
New conventional
$3,470/mo
+$1,635/mo- Down payment
- $48,379
- Funds due
- $58,287
- Interest + MI left
- $646,914
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $248,621 | $248,621 | $426,621 |
| Second mortgage | — | $178,000 | — |
| First P&I | $1,204.06 | $1,204.06 | $2,953.84 |
| Second P&I | — | $1,306.10 | — |
| Mortgage insurance | $199.98 | $199.98 | $85.32 |
| Taxes, insurance & HOA | $431.25 | $431.25 | $431.25 |
| Total housing payment | $1,835.29 | $3,141.39 | $3,470.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,379
Closing costs & prepaids$13,389
Usable credit−$0
Total buyer cash needed$61,768
Earnest money paid−$0
Remaining funds due$61,768
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,750.00
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)$643.75
Initial HOA (3 months)$150.00
Prepaid interest, first (2 days)$42.10
Prepaid interest, second (2 days)$78.03
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 7 moOf the original 30-year loan at 3.090%
Interest already paid$44,556Through Nov 2026
Assumption only · ends Jun 2051$140,945
Assumption + second · ends Jun 2051, second Dec 2056$433,141
New conventional · ends Dec 2056$646,914