Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,676/mo
Lowest payment- Down payment
- $122,931
- Funds due
- $133,414
- Interest + MI left
- $121,361
- First ends
- Mar 2051
Assumption
Assumption + second
$2,368/mo
+$692/mo- Down payment
- $36,931
- Funds due
- $48,685
- Interest + MI left
- $284,472
- First ends
- Mar 2051
New loan
New conventional
$2,688/mo
+$1,012/mo- Down payment
- $36,931
- Funds due
- $45,294
- Interest + MI left
- $499,055
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $243,069 | $243,069 | $329,069 |
| Second mortgage | — | $86,000 | — |
| First P&I | $1,134.05 | $1,134.05 | $2,278.41 |
| Second P&I | — | $691.98 | — |
| Mortgage insurance | $198.57 | $198.57 | $65.81 |
| Taxes, insurance & HOA | $343.42 | $343.42 | $343.42 |
| Total housing payment | $1,676.04 | $2,368.01 | $2,687.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,931
Closing costs & prepaids$11,754
Usable credit−$0
Total buyer cash needed$48,685
Earnest money paid−$0
Remaining funds due$48,685
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,660.00
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)$488.25
Initial HOA (3 months)$92.01
Prepaid interest, first (1 days)$17.85
Prepaid interest, second (1 days)$21.21
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 4 moOf the original 30-year loan at 2.680%
Interest already paid$39,856Through Nov 2026
Assumption only · ends Mar 2051$121,361
Assumption + second · ends Mar 2051, second Dec 2056$284,472
New conventional · ends Dec 2056$499,055