Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,716/mo
Lowest payment- Down payment
- $149,794
- Funds due
- $160,754
- Interest + MI left
- $122,807
- First ends
- Oct 2051
Assumption
Assumption + second
$2,530/mo
+$814/mo- Down payment
- $38,794
- Funds due
- $51,029
- Interest + MI left
- $305,019
- First ends
- Oct 2051
New loan
New conventional
$2,900/mo
+$1,184/mo- Down payment
- $38,794
- Funds due
- $47,619
- Interest + MI left
- $522,701
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $233,706 | $233,706 | $344,706 |
| Second mortgage | — | $111,000 | — |
| First P&I | $1,084.21 | $1,084.21 | $2,386.67 |
| Second P&I | — | $814.48 | — |
| Mortgage insurance | $187.39 | $187.39 | $68.94 |
| Taxes, insurance & HOA | $444.25 | $444.25 | $444.25 |
| Total housing payment | $1,715.85 | $2,530.33 | $2,899.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,794
Closing costs & prepaids$12,235
Usable credit−$0
Total buyer cash needed$51,029
Earnest money paid−$0
Remaining funds due$51,029
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,835.00
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)$507.75
Initial HOA (3 months)$375.00
Prepaid interest, first (1 days)$17.80
Prepaid interest, second (1 days)$24.33
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 11 moOf the original 30-year loan at 2.780%
Interest already paid$35,293Through Nov 2026
Assumption only · ends Oct 2051$122,807
Assumption + second · ends Oct 2051, second Dec 2056$305,019
New conventional · ends Dec 2056$522,701