Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,226/mo
Lowest payment- Down payment
- $142,280
- Funds due
- $154,387
- Interest + MI left
- $168,661
- First ends
- Oct 2051
Assumption
Assumption + second
$2,999/mo
+$772/mo- Down payment
- $46,280
- Funds due
- $59,684
- Interest + MI left
- $350,739
- First ends
- Oct 2051
New loan
New conventional
$3,422/mo
+$1,196/mo- Down payment
- $46,280
- Funds due
- $56,240
- Interest + MI left
- $619,618
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $312,620 | $312,620 | $408,620 |
| Second mortgage | — | $96,000 | — |
| First P&I | $1,464.77 | $1,464.77 | $2,829.20 |
| Second P&I | — | $772.44 | — |
| Mortgage insurance | $250.24 | $250.24 | $81.72 |
| Taxes, insurance & HOA | $511.17 | $511.17 | $511.17 |
| Total housing payment | $2,226.18 | $2,998.61 | $3,422.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,280
Closing costs & prepaids$13,404
Usable credit−$0
Total buyer cash needed$59,684
Earnest money paid−$0
Remaining funds due$59,684
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,549.00
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)$676.50
Initial HOA (3 months)$357.00
Prepaid interest, first (2 days)$49.16
Prepaid interest, second (2 days)$47.34
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 11 moOf the original 30-year loan at 2.870%
Interest already paid$48,695Through Nov 2026
Assumption only · ends Oct 2051$168,661
Assumption + second · ends Oct 2051, second Dec 2056$350,739
New conventional · ends Dec 2056$619,618