Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,147/mo
Lowest payment- Down payment
- $79,498
- Funds due
- $90,333
- Interest + MI left
- $181,777
- First ends
- Aug 2051
Assumption
Assumption + second
$2,453/mo
+$306/mo- Down payment
- $41,498
- Funds due
- $53,592
- Interest + MI left
- $253,849
- First ends
- Aug 2051
New loan
New conventional
$2,936/mo
+$789/mo- Down payment
- $41,498
- Funds due
- $50,166
- Interest + MI left
- $558,633
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $330,402 | $330,402 | $368,402 |
| Second mortgage | — | $38,000 | — |
| First P&I | $1,570.59 | $1,570.59 | $2,550.74 |
| Second P&I | — | $305.76 | — |
| Mortgage insurance | $265.23 | $265.23 | $73.68 |
| Taxes, insurance & HOA | $311.42 | $311.42 | $311.42 |
| Total housing payment | $2,147.23 | $2,452.99 | $2,935.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,498
Closing costs & prepaids$12,094
Usable credit−$0
Total buyer cash needed$53,592
Earnest money paid−$0
Remaining funds due$53,592
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,099.00
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)$259.25
Initial HOA (3 months)$225.00
Prepaid interest, first (1 days)$26.79
Prepaid interest, second (1 days)$9.37
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 9 moOf the original 30-year loan at 2.960%
Interest already paid$54,909Through Nov 2026
Assumption only · ends Aug 2051$181,777
Assumption + second · ends Aug 2051, second Dec 2056$253,849
New conventional · ends Dec 2056$558,633