Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,463/mo
Lowest payment- Down payment
- $188,160
- Funds due
- $198,996
- Interest + MI left
- $95,782
- First ends
- Mar 2051
Assumption
Assumption + second
$2,563/mo
+$1,101/mo- Down payment
- $38,160
- Funds due
- $50,312
- Interest + MI left
- $342,015
- First ends
- Mar 2051
New loan
New conventional
$2,846/mo
+$1,383/mo- Down payment
- $38,160
- Funds due
- $46,925
- Interest + MI left
- $518,423
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $191,840 | $191,840 | $341,840 |
| Second mortgage | — | $150,000 | — |
| First P&I | $895.04 | $895.04 | $2,366.83 |
| Second P&I | — | $1,100.65 | — |
| Mortgage insurance | $156.72 | $156.72 | $68.37 |
| Taxes, insurance & HOA | $410.92 | $410.92 | $410.92 |
| Total housing payment | $1,462.67 | $2,563.31 | $2,846.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,160
Closing costs & prepaids$12,152
Usable credit−$0
Total buyer cash needed$50,312
Earnest money paid−$0
Remaining funds due$50,312
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,800.00
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)$425.75
Initial HOA (3 months)$357.00
Prepaid interest, first (2 days)$28.17
Prepaid interest, second (2 days)$65.75
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$31,456Through Nov 2026
Assumption only · ends Mar 2051$95,782
Assumption + second · ends Mar 2051, second Dec 2056$342,015
New conventional · ends Dec 2056$518,423