Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,842/mo
Lowest payment- Down payment
- $139,528
- Funds due
- $150,442
- Interest + MI left
- $148,021
- First ends
- Jun 2051
Assumption
Assumption + second
$2,576/mo
+$734/mo- Down payment
- $39,528
- Funds due
- $51,714
- Interest + MI left
- $312,176
- First ends
- Jun 2051
New loan
New conventional
$2,921/mo
+$1,079/mo- Down payment
- $39,528
- Funds due
- $48,297
- Interest + MI left
- $539,097
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $255,472 | $255,472 | $355,472 |
| Second mortgage | — | $100,000 | — |
| First P&I | $1,247.92 | $1,247.92 | $2,461.22 |
| Second P&I | — | $733.76 | — |
| Mortgage insurance | $205.17 | $205.17 | $71.09 |
| Taxes, insurance & HOA | $389.00 | $389.00 | $389.00 |
| Total housing payment | $1,842.09 | $2,575.86 | $2,921.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,528
Closing costs & prepaids$12,186
Usable credit−$0
Total buyer cash needed$51,714
Earnest money paid−$0
Remaining funds due$51,714
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,950.00
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)$516.00
Initial HOA (3 months)$201.00
Prepaid interest, first (1 days)$22.19
Prepaid interest, second (1 days)$21.92
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 7 moOf the original 30-year loan at 3.170%
Interest already paid$46,930Through Nov 2026
Assumption only · ends Jun 2051$148,021
Assumption + second · ends Jun 2051, second Dec 2056$312,176
New conventional · ends Dec 2056$539,097