Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,487/mo
Lowest payment- Down payment
- $75,156
- Funds due
- $84,782
- Interest + MI left
- $114,804
- First ends
- Sep 2051
Assumption
Assumption + second
$1,857/mo
+$370/mo- Down payment
- $29,156
- Funds due
- $40,044
- Interest + MI left
- $202,049
- First ends
- Sep 2051
New loan
New conventional
$2,139/mo
+$652/mo- Down payment
- $29,156
- Funds due
- $36,725
- Interest + MI left
- $383,354
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $206,844 | $206,844 | $252,844 |
| Second mortgage | — | $46,000 | — |
| First P&I | $983.15 | $983.15 | $1,750.64 |
| Second P&I | — | $370.13 | — |
| Mortgage insurance | $165.60 | $165.60 | $50.57 |
| Taxes, insurance & HOA | $338.00 | $338.00 | $338.00 |
| Total housing payment | $1,486.75 | $1,856.88 | $2,139.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,156
Closing costs & prepaids$10,887
Usable credit−$0
Total buyer cash needed$40,044
Earnest money paid−$0
Remaining funds due$40,044
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,820.00
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)$372.00
Initial HOA (3 months)$192.00
Prepaid interest, first (1 days)$16.89
Prepaid interest, second (1 days)$11.34
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 10 moOf the original 30-year loan at 2.980%
Interest already paid$34,008Through Nov 2026
Assumption only · ends Sep 2051$114,804
Assumption + second · ends Sep 2051, second Dec 2056$202,049
New conventional · ends Dec 2056$383,354