Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,914/mo
Lowest payment- Down payment
- $52,988
- Funds due
- $63,147
- Interest + MI left
- $155,976
- First ends
- Jul 2051
Assumption
Assumption + second
$2,281/mo
+$367/mo- Down payment
- $16,988
- Funds due
- $28,409
- Interest + MI left
- $252,038
- First ends
- Jul 2051
New loan
New conventional
$2,618/mo
+$704/mo- Down payment
- $16,988
- Funds due
- $25,220
- Interest + MI left
- $490,092
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $286,012 | $286,012 | $322,012 |
| Second mortgage | — | $36,000 | — |
| First P&I | $1,359.74 | $1,359.74 | $2,229.55 |
| Second P&I | — | $366.84 | — |
| Mortgage insurance | $230.21 | $230.21 | $64.40 |
| Taxes, insurance & HOA | $323.75 | $323.75 | $323.75 |
| Total housing payment | $1,913.70 | $2,280.54 | $2,617.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,988
Closing costs & prepaids$11,421
Usable credit−$0
Total buyer cash needed$28,409
Earnest money paid−$0
Remaining funds due$28,409
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,390.00
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)$323.25
Initial HOA (3 months)$198.00
Prepaid interest, first (1 days)$23.04
Prepaid interest, second (1 days)$11.71
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 2.940%
Interest already paid$48,031Through Nov 2026
Assumption only · ends Jul 2051$155,976
Assumption + second · ends Jul 2051, second Dec 2056$252,038
New conventional · ends Dec 2056$490,092