Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,909/mo
Lowest payment- Down payment
- $99,687
- Funds due
- $110,367
- Interest + MI left
- $142,402
- First ends
- Mar 2051
Assumption
Assumption + second
$2,400/mo
+$491/mo- Down payment
- $38,687
- Funds due
- $50,632
- Interest + MI left
- $258,097
- First ends
- Mar 2051
New loan
New conventional
$2,811/mo
+$903/mo- Down payment
- $38,687
- Funds due
- $47,230
- Interest + MI left
- $525,055
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $285,213 | $285,213 | $346,213 |
| Second mortgage | — | $61,000 | — |
| First P&I | $1,330.67 | $1,330.67 | $2,397.11 |
| Second P&I | — | $490.82 | — |
| Mortgage insurance | $232.99 | $232.99 | $69.24 |
| Taxes, insurance & HOA | $345.08 | $345.08 | $345.08 |
| Total housing payment | $1,908.75 | $2,399.57 | $2,811.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,687
Closing costs & prepaids$11,945
Usable credit−$0
Total buyer cash needed$50,632
Earnest money paid−$0
Remaining funds due$50,632
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,849.00
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)$390.25
Initial HOA (3 months)$195.00
Prepaid interest, first (1 days)$20.94
Prepaid interest, second (1 days)$15.04
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$46,767Through Nov 2026
Assumption only · ends Mar 2051$142,402
Assumption + second · ends Mar 2051, second Dec 2056$258,097
New conventional · ends Dec 2056$525,055