Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,100/mo
Lowest payment- Down payment
- $163,248
- Funds due
- $175,136
- Interest + MI left
- $169,335
- First ends
- Jul 2051
Assumption
Assumption + second
$2,952/mo
+$851/mo- Down payment
- $47,248
- Funds due
- $60,436
- Interest + MI left
- $359,755
- First ends
- Jul 2051
New loan
New conventional
$3,407/mo
+$1,306/mo- Down payment
- $47,248
- Funds due
- $56,986
- Interest + MI left
- $644,165
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $308,752 | $308,752 | $424,752 |
| Second mortgage | — | $116,000 | — |
| First P&I | $1,471.04 | $1,471.04 | $2,940.90 |
| Second P&I | — | $851.17 | — |
| Mortgage insurance | $248.42 | $248.42 | $84.95 |
| Taxes, insurance & HOA | $381.00 | $381.00 | $381.00 |
| Total housing payment | $2,100.46 | $2,951.62 | $3,406.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,248
Closing costs & prepaids$13,189
Usable credit−$0
Total buyer cash needed$60,436
Earnest money paid−$0
Remaining funds due$60,436
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,720.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$457.00
Initial HOA (3 months)$186.00
Prepaid interest, first (2 days)$50.08
Prepaid interest, second (2 days)$50.85
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 8 moOf the original 30-year loan at 2.960%
Interest already paid$52,192Through Nov 2026
Assumption only · ends Jul 2051$169,335
Assumption + second · ends Jul 2051, second Dec 2056$359,755
New conventional · ends Dec 2056$644,165