Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,851/mo
Lowest payment- Down payment
- $138,725
- Funds due
- $149,704
- Interest + MI left
- $145,284
- First ends
- Jun 2051
Assumption
Assumption + second
$2,648/mo
+$797/mo- Down payment
- $39,725
- Funds due
- $52,003
- Interest + MI left
- $333,052
- First ends
- Jun 2051
New loan
New conventional
$2,935/mo
+$1,084/mo- Down payment
- $39,725
- Funds due
- $48,608
- Interest + MI left
- $538,798
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $256,275 | $256,275 | $355,275 |
| Second mortgage | — | $99,000 | — |
| First P&I | $1,241.13 | $1,241.13 | $2,459.85 |
| Second P&I | — | $796.58 | — |
| Mortgage insurance | $206.14 | $206.14 | $71.05 |
| Taxes, insurance & HOA | $403.67 | $403.67 | $403.67 |
| Total housing payment | $1,850.93 | $2,647.51 | $2,934.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,725
Closing costs & prepaids$12,278
Usable credit−$0
Total buyer cash needed$52,003
Earnest money paid−$0
Remaining funds due$52,003
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)$518.00
Initial HOA (3 months)$243.00
Prepaid interest, first (2 days)$43.39
Prepaid interest, second (2 days)$48.82
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 7 moOf the original 30-year loan at 3.090%
Interest already paid$45,928Through Nov 2026
Assumption only · ends Jun 2051$145,284
Assumption + second · ends Jun 2051, second Dec 2056$333,052
New conventional · ends Dec 2056$538,798