Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,880/mo
Lowest payment- Down payment
- $140,622
- Funds due
- $151,780
- Interest + MI left
- $138,851
- First ends
- Aug 2051
Assumption
Assumption + second
$2,621/mo
+$741/mo- Down payment
- $39,622
- Funds due
- $52,052
- Interest + MI left
- $304,647
- First ends
- Aug 2051
New loan
New conventional
$2,995/mo
+$1,115/mo- Down payment
- $39,622
- Funds due
- $48,635
- Interest + MI left
- $535,922
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $252,378 | $252,378 | $353,378 |
| Second mortgage | — | $101,000 | — |
| First P&I | $1,199.70 | $1,199.70 | $2,446.72 |
| Second P&I | — | $741.10 | — |
| Mortgage insurance | $202.60 | $202.60 | $70.68 |
| Taxes, insurance & HOA | $477.58 | $477.58 | $477.58 |
| Total housing payment | $1,879.88 | $2,620.98 | $2,994.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,622
Closing costs & prepaids$12,430
Usable credit−$0
Total buyer cash needed$52,052
Earnest money paid−$0
Remaining funds due$52,052
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,930.00
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)$496.75
Initial HOA (3 months)$486.00
Prepaid interest, first (1 days)$20.47
Prepaid interest, second (1 days)$22.14
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 9 moOf the original 30-year loan at 2.960%
Interest already paid$41,942Through Nov 2026
Assumption only · ends Aug 2051$138,851
Assumption + second · ends Aug 2051, second Dec 2056$304,647
New conventional · ends Dec 2056$535,922