Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,178/mo
Lowest payment- Down payment
- $56,139
- Funds due
- $67,057
- Interest + MI left
- $166,218
- First ends
- Sep 2051
Assumption
Assumption + second
$2,565/mo
+$387/mo- Down payment
- $18,139
- Funds due
- $30,332
- Interest + MI left
- $267,617
- First ends
- Sep 2051
New loan
New conventional
$2,933/mo
+$755/mo- Down payment
- $18,139
- Funds due
- $27,165
- Interest + MI left
- $520,149
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $303,761 | $303,761 | $341,761 |
| Second mortgage | — | $38,000 | — |
| First P&I | $1,435.94 | $1,435.94 | $2,366.28 |
| Second P&I | — | $387.22 | — |
| Mortgage insurance | $243.43 | $243.43 | $68.35 |
| Taxes, insurance & HOA | $498.25 | $498.25 | $498.25 |
| Total housing payment | $2,177.62 | $2,564.84 | $2,932.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,139
Closing costs & prepaids$12,192
Usable credit−$0
Total buyer cash needed$30,332
Earnest money paid−$0
Remaining funds due$30,332
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,599.00
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)$441.75
Initial HOA (3 months)$603.00
Prepaid interest, first (2 days)$48.77
Prepaid interest, second (2 days)$24.73
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 2.930%
Interest already paid$49,129Through Nov 2026
Assumption only · ends Sep 2051$166,218
Assumption + second · ends Sep 2051, second Dec 2056$267,617
New conventional · ends Dec 2056$520,149