Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,867/mo
Lowest payment- Down payment
- $136,831
- Funds due
- $147,926
- Interest + MI left
- $130,503
- First ends
- Mar 2051
Assumption
Assumption + second
$2,639/mo
+$772/mo- Down payment
- $40,831
- Funds due
- $53,223
- Interest + MI left
- $312,581
- First ends
- Mar 2051
New loan
New conventional
$2,982/mo
+$1,115/mo- Down payment
- $40,831
- Funds due
- $49,825
- Interest + MI left
- $543,116
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $262,169 | $262,169 | $358,169 |
| Second mortgage | — | $96,000 | — |
| First P&I | $1,221.83 | $1,221.83 | $2,479.89 |
| Second P&I | — | $772.44 | — |
| Mortgage insurance | $214.21 | $214.21 | $71.63 |
| Taxes, insurance & HOA | $430.67 | $430.67 | $430.67 |
| Total housing payment | $1,866.71 | $2,639.15 | $2,982.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,831
Closing costs & prepaids$12,393
Usable credit−$0
Total buyer cash needed$53,223
Earnest money paid−$0
Remaining funds due$53,223
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,990.00
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)$308.00
Initial HOA (3 months)$534.00
Prepaid interest, first (2 days)$38.36
Prepaid interest, second (2 days)$47.34
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 4 moOf the original 30-year loan at 2.670%
Interest already paid$42,833Through Nov 2026
Assumption only · ends Mar 2051$130,503
Assumption + second · ends Mar 2051, second Dec 2056$312,581
New conventional · ends Dec 2056$543,116