Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,444/mo
Lowest payment- Down payment
- $170,241
- Funds due
- $180,808
- Interest + MI left
- $97,240
- First ends
- Mar 2051
Assumption
Assumption + second
$2,420/mo
+$976/mo- Down payment
- $37,241
- Funds due
- $49,087
- Interest + MI left
- $315,566
- First ends
- Mar 2051
New loan
New conventional
$2,711/mo
+$1,267/mo- Down payment
- $37,241
- Funds due
- $45,688
- Interest + MI left
- $497,003
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $194,759 | $194,759 | $327,759 |
| Second mortgage | — | $133,000 | — |
| First P&I | $908.66 | $908.66 | $2,269.34 |
| Second P&I | — | $975.91 | — |
| Mortgage insurance | $159.10 | $159.10 | $65.55 |
| Taxes, insurance & HOA | $376.08 | $376.08 | $376.08 |
| Total housing payment | $1,443.84 | $2,419.75 | $2,710.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,241
Closing costs & prepaids$11,847
Usable credit−$0
Total buyer cash needed$49,087
Earnest money paid−$0
Remaining funds due$49,087
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$330.25
Initial HOA (3 months)$348.00
Prepaid interest, first (1 days)$14.30
Prepaid interest, second (1 days)$29.15
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$31,935Through Nov 2026
Assumption only · ends Mar 2051$97,240
Assumption + second · ends Mar 2051, second Dec 2056$315,566
New conventional · ends Dec 2056$497,003