Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,704/mo
Lowest payment- Down payment
- $131,707
- Funds due
- $142,298
- Interest + MI left
- $134,346
- First ends
- Jul 2051
Assumption
Assumption + second
$2,460/mo
+$756/mo- Down payment
- $37,707
- Funds due
- $49,571
- Interest + MI left
- $312,630
- First ends
- Jul 2051
New loan
New conventional
$2,732/mo
+$1,028/mo- Down payment
- $37,707
- Funds due
- $46,168
- Interest + MI left
- $503,727
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $238,193 | $238,193 | $332,193 |
| Second mortgage | — | $94,000 | — |
| First P&I | $1,147.23 | $1,147.23 | $2,300.04 |
| Second P&I | — | $756.35 | — |
| Mortgage insurance | $191.27 | $191.27 | $66.44 |
| Taxes, insurance & HOA | $365.50 | $365.50 | $365.50 |
| Total housing payment | $1,704.00 | $2,460.35 | $2,731.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,707
Closing costs & prepaids$11,864
Usable credit−$0
Total buyer cash needed$49,571
Earnest money paid−$0
Remaining funds due$49,571
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,699.00
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)$521.50
Initial HOA (3 months)$125.01
Prepaid interest, first (1 days)$19.97
Prepaid interest, second (1 days)$23.18
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 8 moOf the original 30-year loan at 3.060%
Interest already paid$41,582Through Nov 2026
Assumption only · ends Jul 2051$134,346
Assumption + second · ends Jul 2051, second Dec 2056$312,630
New conventional · ends Dec 2056$503,727