Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,075/mo
Lowest payment- Down payment
- $172,486
- Funds due
- $184,506
- Interest + MI left
- $159,227
- First ends
- Aug 2051
Assumption
Assumption + second
$3,000/mo
+$925/mo- Down payment
- $46,486
- Funds due
- $59,783
- Interest + MI left
- $366,062
- First ends
- Aug 2051
New loan
New conventional
$3,427/mo
+$1,351/mo- Down payment
- $46,486
- Funds due
- $56,302
- Interest + MI left
- $630,003
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $289,414 | $289,414 | $415,414 |
| Second mortgage | — | $126,000 | — |
| First P&I | $1,375.75 | $1,375.75 | $2,876.24 |
| Second P&I | — | $924.54 | — |
| Mortgage insurance | $232.33 | $232.33 | $83.08 |
| Taxes, insurance & HOA | $467.42 | $467.42 | $467.42 |
| Total housing payment | $2,075.49 | $3,000.03 | $3,426.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,486
Closing costs & prepaids$13,297
Usable credit−$0
Total buyer cash needed$59,783
Earnest money paid−$0
Remaining funds due$59,783
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,619.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$530.25
Initial HOA (3 months)$372.00
Prepaid interest, first (1 days)$23.47
Prepaid interest, second (1 days)$27.62
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$48,097Through Nov 2026
Assumption only · ends Aug 2051$159,227
Assumption + second · ends Aug 2051, second Dec 2056$366,062
New conventional · ends Dec 2056$630,003