Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,095/mo
Lowest payment- Down payment
- $145,034
- Funds due
- $156,684
- Interest + MI left
- $155,238
- First ends
- Aug 2051
Assumption
Assumption + second
$2,843/mo
+$748/mo- Down payment
- $43,034
- Funds due
- $55,956
- Interest + MI left
- $322,676
- First ends
- Aug 2051
New loan
New conventional
$3,266/mo
+$1,172/mo- Down payment
- $43,034
- Funds due
- $52,508
- Interest + MI left
- $583,827
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $282,966 | $282,966 | $384,966 |
| Second mortgage | — | $102,000 | — |
| First P&I | $1,343.63 | $1,343.63 | $2,665.43 |
| Second P&I | — | $748.44 | — |
| Mortgage insurance | $227.19 | $227.19 | $76.99 |
| Taxes, insurance & HOA | $523.92 | $523.92 | $523.92 |
| Total housing payment | $2,094.74 | $2,843.18 | $3,266.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,034
Closing costs & prepaids$12,922
Usable credit−$0
Total buyer cash needed$55,956
Earnest money paid−$0
Remaining funds due$55,956
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,280.00
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)$683.75
Initial HOA (3 months)$438.00
Prepaid interest, first (1 days)$22.87
Prepaid interest, second (1 days)$22.36
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 9 moOf the original 30-year loan at 2.950%
Interest already paid$46,871Through Nov 2026
Assumption only · ends Aug 2051$155,238
Assumption + second · ends Aug 2051, second Dec 2056$322,676
New conventional · ends Dec 2056$583,827