Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,517/mo
Lowest payment- Down payment
- $175,739
- Funds due
- $186,430
- Interest + MI left
- $117,243
- First ends
- Sep 2051
Assumption
Assumption + second
$2,515/mo
+$998/mo- Down payment
- $39,739
- Funds due
- $51,710
- Interest + MI left
- $340,495
- First ends
- Sep 2051
New loan
New conventional
$2,828/mo
+$1,311/mo- Down payment
- $39,739
- Funds due
- $48,286
- Interest + MI left
- $531,124
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $214,261 | $214,261 | $350,261 |
| Second mortgage | — | $136,000 | — |
| First P&I | $1,012.86 | $1,012.86 | $2,425.14 |
| Second P&I | — | $997.92 | — |
| Mortgage insurance | $171.70 | $171.70 | $70.05 |
| Taxes, insurance & HOA | $332.83 | $332.83 | $332.83 |
| Total housing payment | $1,517.39 | $2,515.31 | $2,828.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,739
Closing costs & prepaids$11,971
Usable credit−$0
Total buyer cash needed$51,710
Earnest money paid−$0
Remaining funds due$51,710
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,900.00
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)$257.50
Initial HOA (3 months)$291.00
Prepaid interest, first (1 days)$17.20
Prepaid interest, second (1 days)$29.81
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 10 moOf the original 30-year loan at 2.930%
Interest already paid$34,654Through Nov 2026
Assumption only · ends Sep 2051$117,243
Assumption + second · ends Sep 2051, second Dec 2056$340,495
New conventional · ends Dec 2056$531,124