Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,343/mo
Lowest payment- Down payment
- $204,985
- Funds due
- $220,330
- Interest + MI left
- $228,437
- First ends
- Jul 2051
Assumption
Assumption + second
$4,393/mo
+$1,049/mo- Down payment
- $61,985
- Funds due
- $78,643
- Interest + MI left
- $463,179
- First ends
- Jul 2051
New loan
New conventional
$4,971/mo
+$1,628/mo- Down payment
- $61,985
- Funds due
- $75,065
- Interest + MI left
- $830,992
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $405,015 | $405,015 | $548,015 |
| Second mortgage | — | $143,000 | — |
| First P&I | $1,950.71 | $1,950.71 | $3,794.35 |
| Second P&I | — | $1,049.28 | — |
| Mortgage insurance | $325.24 | $325.24 | $109.60 |
| Taxes, insurance & HOA | $1,067.50 | $1,067.50 | $1,067.50 |
| Total housing payment | $3,343.44 | $4,392.72 | $4,971.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$61,985
Closing costs & prepaids$16,658
Usable credit−$0
Total buyer cash needed$78,643
Earnest money paid−$0
Remaining funds due$78,643
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,100.00
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)$605.50
Initial HOA (3 months)$2,097.00
Prepaid interest, first (2 days)$67.91
Prepaid interest, second (2 days)$62.68
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 8 moOf the original 30-year loan at 3.060%
Interest already paid$70,705Through Nov 2026
Assumption only · ends Jul 2051$228,437
Assumption + second · ends Jul 2051, second Dec 2056$463,179
New conventional · ends Dec 2056$830,992