Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,277/mo
Lowest payment- Down payment
- $70,783
- Funds due
- $81,961
- Interest + MI left
- $178,319
- First ends
- Aug 2051
Assumption
Assumption + second
$2,526/mo
+$249/mo- Down payment
- $39,783
- Funds due
- $52,219
- Interest + MI left
- $237,115
- First ends
- Aug 2051
New loan
New conventional
$3,006/mo
+$729/mo- Down payment
- $39,783
- Funds due
- $48,809
- Interest + MI left
- $538,559
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $324,117 | $324,117 | $355,117 |
| Second mortgage | — | $31,000 | — |
| First P&I | $1,540.71 | $1,540.71 | $2,458.76 |
| Second P&I | — | $249.43 | — |
| Mortgage insurance | $260.18 | $260.18 | $71.02 |
| Taxes, insurance & HOA | $475.83 | $475.83 | $475.83 |
| Total housing payment | $2,276.73 | $2,526.16 | $3,005.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,783
Closing costs & prepaids$12,435
Usable credit−$0
Total buyer cash needed$52,219
Earnest money paid−$0
Remaining funds due$52,219
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,949.00
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)$584.50
Initial HOA (3 months)$393.00
Prepaid interest, first (1 days)$26.28
Prepaid interest, second (1 days)$7.64
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$53,864Through Nov 2026
Assumption only · ends Aug 2051$178,319
Assumption + second · ends Aug 2051, second Dec 2056$237,115
New conventional · ends Dec 2056$538,559