Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,989/mo
Lowest payment- Down payment
- $165,703
- Funds due
- $177,312
- Interest + MI left
- $141,944
- First ends
- Mar 2051
Assumption
Assumption + second
$2,870/mo
+$881/mo- Down payment
- $45,703
- Funds due
- $58,615
- Interest + MI left
- $338,930
- First ends
- Mar 2051
New loan
New conventional
$3,311/mo
+$1,321/mo- Down payment
- $45,703
- Funds due
- $55,177
- Interest + MI left
- $613,063
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $284,297 | $284,297 | $404,297 |
| Second mortgage | — | $120,000 | — |
| First P&I | $1,326.40 | $1,326.40 | $2,799.27 |
| Second P&I | — | $880.52 | — |
| Mortgage insurance | $232.24 | $232.24 | $80.86 |
| Taxes, insurance & HOA | $430.67 | $430.67 | $430.67 |
| Total housing payment | $1,989.31 | $2,869.82 | $3,310.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,703
Closing costs & prepaids$12,911
Usable credit−$0
Total buyer cash needed$58,615
Earnest money paid−$0
Remaining funds due$58,615
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$599.00
Initial HOA (3 months)$243.00
Prepaid interest, first (2 days)$41.75
Prepaid interest, second (2 days)$52.60
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 4 moOf the original 30-year loan at 2.680%
Interest already paid$46,617Through Nov 2026
Assumption only · ends Mar 2051$141,944
Assumption + second · ends Mar 2051, second Dec 2056$338,930
New conventional · ends Dec 2056$613,063