Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,230/mo
Lowest payment- Down payment
- $135,736
- Funds due
- $147,535
- Interest + MI left
- $174,416
- First ends
- Oct 2051
Assumption
Assumption + second
$2,955/mo
+$724/mo- Down payment
- $45,736
- Funds due
- $58,830
- Interest + MI left
- $345,113
- First ends
- Oct 2051
New loan
New conventional
$3,367/mo
+$1,137/mo- Down payment
- $45,736
- Funds due
- $55,391
- Interest + MI left
- $611,496
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $313,264 | $313,264 | $403,264 |
| Second mortgage | — | $90,000 | — |
| First P&I | $1,485.62 | $1,485.62 | $2,792.12 |
| Second P&I | — | $724.16 | — |
| Mortgage insurance | $250.24 | $250.24 | $80.65 |
| Taxes, insurance & HOA | $494.50 | $494.50 | $494.50 |
| Total housing payment | $2,230.36 | $2,954.52 | $3,367.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,736
Closing costs & prepaids$13,094
Usable credit−$0
Total buyer cash needed$58,830
Earnest money paid−$0
Remaining funds due$58,830
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,490.00
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)$676.50
Initial HOA (3 months)$357.00
Prepaid interest, first (2 days)$51.15
Prepaid interest, second (2 days)$44.38
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 11 moOf the original 30-year loan at 2.980%
Interest already paid$50,611Through Nov 2026
Assumption only · ends Oct 2051$174,416
Assumption + second · ends Oct 2051, second Dec 2056$345,113
New conventional · ends Dec 2056$611,496