Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,735/mo
Lowest payment- Down payment
- $110,050
- Funds due
- $120,689
- Interest + MI left
- $123,459
- First ends
- Sep 2051
Assumption
Assumption + second
$2,355/mo
+$620/mo- Down payment
- $33,050
- Funds due
- $44,977
- Interest + MI left
- $269,500
- First ends
- Sep 2051
New loan
New conventional
$2,625/mo
+$889/mo- Down payment
- $33,050
- Funds due
- $41,643
- Interest + MI left
- $450,345
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $219,950 | $219,950 | $296,950 |
| Second mortgage | — | $77,000 | — |
| First P&I | $1,050.02 | $1,050.02 | $2,056.02 |
| Second P&I | — | $619.56 | — |
| Mortgage insurance | $175.96 | $175.96 | $59.39 |
| Taxes, insurance & HOA | $509.25 | $509.25 | $509.25 |
| Total housing payment | $1,735.23 | $2,354.79 | $2,624.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,050
Closing costs & prepaids$11,927
Usable credit−$0
Total buyer cash needed$44,977
Earnest money paid−$0
Remaining funds due$44,977
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,300.00
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)$231.75
Initial HOA (3 months)$846.00
Prepaid interest, first (2 days)$36.40
Prepaid interest, second (2 days)$37.97
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 10 moOf the original 30-year loan at 3.020%
Interest already paid$36,634Through Nov 2026
Assumption only · ends Sep 2051$123,459
Assumption + second · ends Sep 2051, second Dec 2056$269,500
New conventional · ends Dec 2056$450,345