Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,806/mo
Lowest payment- Down payment
- $182,753
- Funds due
- $194,190
- Interest + MI left
- $133,335
- First ends
- Oct 2051
Assumption
Assumption + second
$2,826/mo
+$1,020/mo- Down payment
- $43,753
- Funds due
- $56,470
- Interest + MI left
- $361,510
- First ends
- Oct 2051
New loan
New conventional
$3,218/mo
+$1,412/mo- Down payment
- $43,753
- Funds due
- $53,012
- Interest + MI left
- $593,352
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $252,247 | $252,247 | $391,247 |
| Second mortgage | — | $139,000 | — |
| First P&I | $1,172.81 | $1,172.81 | $2,708.92 |
| Second P&I | — | $1,019.93 | — |
| Mortgage insurance | $202.18 | $202.18 | $78.25 |
| Taxes, insurance & HOA | $430.67 | $430.67 | $430.67 |
| Total housing payment | $1,805.66 | $2,825.59 | $3,217.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,753
Closing costs & prepaids$12,717
Usable credit−$0
Total buyer cash needed$56,470
Earnest money paid−$0
Remaining funds due$56,470
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,350.00
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)$551.00
Initial HOA (3 months)$291.00
Prepaid interest, first (1 days)$19.35
Prepaid interest, second (1 days)$30.47
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 11 moOf the original 30-year loan at 2.800%
Interest already paid$38,359Through Nov 2026
Assumption only · ends Oct 2051$133,335
Assumption + second · ends Oct 2051, second Dec 2056$361,510
New conventional · ends Dec 2056$593,352