Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,589/mo
Lowest payment- Down payment
- $151,964
- Funds due
- $162,583
- Interest + MI left
- $112,049
- First ends
- Jan 2051
Assumption
Assumption + second
$2,432/mo
+$844/mo- Down payment
- $36,964
- Funds due
- $48,858
- Interest + MI left
- $300,828
- First ends
- Jan 2051
New loan
New conventional
$2,741/mo
+$1,152/mo- Down payment
- $36,964
- Funds due
- $45,464
- Interest + MI left
- $502,038
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $216,036 | $216,036 | $331,036 |
| Second mortgage | — | $115,000 | — |
| First P&I | $1,029.35 | $1,029.35 | $2,292.03 |
| Second P&I | — | $843.83 | — |
| Mortgage insurance | $176.76 | $176.76 | $66.21 |
| Taxes, insurance & HOA | $382.42 | $382.42 | $382.42 |
| Total housing payment | $1,588.53 | $2,432.36 | $2,740.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,964
Closing costs & prepaids$11,894
Usable credit−$0
Total buyer cash needed$48,858
Earnest money paid−$0
Remaining funds due$48,858
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,680.00
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)$361.25
Initial HOA (3 months)$336.00
Prepaid interest, first (1 days)$16.75
Prepaid interest, second (1 days)$25.21
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 2 moOf the original 30-year loan at 2.830%
Interest already paid$38,545Through Nov 2026
Assumption only · ends Jan 2051$112,049
Assumption + second · ends Jan 2051, second Dec 2056$300,828
New conventional · ends Dec 2056$502,038