Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,749/mo
Lowest payment- Down payment
- $165,599
- Funds due
- $176,720
- Interest + MI left
- $125,279
- First ends
- Jun 2051
Assumption
Assumption + second
$2,659/mo
+$910/mo- Down payment
- $41,599
- Funds due
- $53,997
- Interest + MI left
- $328,832
- First ends
- Jun 2051
New loan
New conventional
$3,053/mo
+$1,304/mo- Down payment
- $41,599
- Funds due
- $50,561
- Interest + MI left
- $566,288
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $249,401 | $249,401 | $373,401 |
| Second mortgage | — | $124,000 | — |
| First P&I | $1,153.93 | $1,153.93 | $2,585.35 |
| Second P&I | — | $909.87 | — |
| Mortgage insurance | $202.31 | $202.31 | $74.68 |
| Taxes, insurance & HOA | $392.50 | $392.50 | $392.50 |
| Total housing payment | $1,748.74 | $2,658.61 | $3,052.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,599
Closing costs & prepaids$12,398
Usable credit−$0
Total buyer cash needed$53,997
Earnest money paid−$0
Remaining funds due$53,997
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
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)$325.50
Initial HOA (3 months)$402.00
Prepaid interest, first (1 days)$18.24
Prepaid interest, second (1 days)$27.18
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 2.670%
Interest already paid$38,792Through Nov 2026
Assumption only · ends Jun 2051$125,279
Assumption + second · ends Jun 2051, second Dec 2056$328,832
New conventional · ends Dec 2056$566,288