Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,445/mo
Lowest payment- Down payment
- $151,024
- Funds due
- $161,505
- Interest + MI left
- $95,166
- First ends
- Aug 2051
Assumption
Assumption + second
$2,311/mo
+$866/mo- Down payment
- $33,024
- Funds due
- $44,781
- Interest + MI left
- $288,869
- First ends
- Aug 2051
New loan
New conventional
$2,557/mo
+$1,112/mo- Down payment
- $33,024
- Funds due
- $41,419
- Interest + MI left
- $441,226
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $172,976 | $172,976 | $290,976 |
| Second mortgage | — | $118,000 | — |
| First P&I | $822.25 | $822.25 | $2,014.66 |
| Second P&I | — | $865.84 | — |
| Mortgage insurance | $138.86 | $138.86 | $58.20 |
| Taxes, insurance & HOA | $483.83 | $483.83 | $483.83 |
| Total housing payment | $1,444.94 | $2,310.78 | $2,556.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,024
Closing costs & prepaids$11,756
Usable credit−$0
Total buyer cash needed$44,781
Earnest money paid−$0
Remaining funds due$44,781
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,240.00
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)$602.50
Initial HOA (3 months)$399.00
Prepaid interest, first (1 days)$14.03
Prepaid interest, second (1 days)$25.86
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 9 moOf the original 30-year loan at 2.960%
Interest already paid$28,747Through Nov 2026
Assumption only · ends Aug 2051$95,166
Assumption + second · ends Aug 2051, second Dec 2056$288,869
New conventional · ends Dec 2056$441,226