Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,832/mo
Lowest payment- Down payment
- $52,066
- Funds due
- $62,475
- Interest + MI left
- $118,129
- First ends
- Sep 2051
Assumption
Assumption + second
$2,033/mo
+$201/mo- Down payment
- $27,066
- Funds due
- $38,737
- Interest + MI left
- $165,545
- First ends
- Sep 2051
New loan
New conventional
$2,344/mo
+$512/mo- Down payment
- $27,066
- Funds due
- $35,466
- Interest + MI left
- $360,644
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $212,834 | $212,834 | $237,834 |
| Second mortgage | — | $25,000 | — |
| First P&I | $1,011.63 | $1,011.63 | $1,646.71 |
| Second P&I | — | $201.16 | — |
| Mortgage insurance | $170.40 | $170.40 | $47.57 |
| Taxes, insurance & HOA | $650.00 | $650.00 | $650.00 |
| Total housing payment | $1,832.02 | $2,033.18 | $2,344.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,066
Closing costs & prepaids$11,671
Usable credit−$0
Total buyer cash needed$38,737
Earnest money paid−$0
Remaining funds due$38,737
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,649.00
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)$243.00
Initial HOA (3 months)$1,257.00
Prepaid interest, first (2 days)$34.75
Prepaid interest, second (2 days)$12.33
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 10 moOf the original 30-year loan at 2.980%
Interest already paid$34,993Through Nov 2026
Assumption only · ends Sep 2051$118,129
Assumption + second · ends Sep 2051, second Dec 2056$165,545
New conventional · ends Dec 2056$360,644