Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,667/mo
Lowest payment- Down payment
- $197,587
- Funds due
- $209,035
- Interest + MI left
- $102,970
- First ends
- Feb 2051
Assumption
Assumption + second
$2,819/mo
+$1,152/mo- Down payment
- $40,587
- Funds due
- $53,354
- Interest + MI left
- $360,694
- First ends
- Feb 2051
New loan
New conventional
$3,104/mo
+$1,437/mo- Down payment
- $40,587
- Funds due
- $49,944
- Interest + MI left
- $543,486
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $201,413 | $201,413 | $358,413 |
| Second mortgage | — | $157,000 | — |
| First P&I | $951.20 | $951.20 | $2,481.58 |
| Second P&I | — | $1,152.01 | — |
| Mortgage insurance | $164.61 | $164.61 | $71.68 |
| Taxes, insurance & HOA | $550.75 | $550.75 | $550.75 |
| Total housing payment | $1,666.57 | $2,818.58 | $3,104.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,587
Closing costs & prepaids$12,767
Usable credit−$0
Total buyer cash needed$53,354
Earnest money paid−$0
Remaining funds due$53,354
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,990.00
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)$440.25
Initial HOA (3 months)$762.00
Prepaid interest, first (2 days)$30.57
Prepaid interest, second (2 days)$68.82
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 3 moOf the original 30-year loan at 2.770%
Interest already paid$34,649Through Nov 2026
Assumption only · ends Feb 2051$102,970
Assumption + second · ends Feb 2051, second Dec 2056$360,694
New conventional · ends Dec 2056$543,486