Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,543/mo
Lowest payment- Down payment
- $52,523
- Funds due
- $62,031
- Interest + MI left
- $117,297
- First ends
- Jun 2051
Assumption
Assumption + second
$1,752/mo
+$209/mo- Down payment
- $26,523
- Funds due
- $37,288
- Interest + MI left
- $166,610
- First ends
- Jun 2051
New loan
New conventional
$2,035/mo
+$493/mo- Down payment
- $26,523
- Funds due
- $33,996
- Interest + MI left
- $354,037
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $207,477 | $207,477 | $233,477 |
| Second mortgage | — | $26,000 | — |
| First P&I | $1,003.72 | $1,003.72 | $1,616.55 |
| Second P&I | — | $209.20 | — |
| Mortgage insurance | $166.92 | $166.92 | $46.70 |
| Taxes, insurance & HOA | $371.92 | $371.92 | $371.92 |
| Total housing payment | $1,542.56 | $1,751.76 | $2,035.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,523
Closing costs & prepaids$10,765
Usable credit−$0
Total buyer cash needed$37,288
Earnest money paid−$0
Remaining funds due$37,288
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,600.00
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)$401.75
Initial HOA (3 months)$264.00
Prepaid interest, first (1 days)$17.51
Prepaid interest, second (1 days)$6.41
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 7 moOf the original 30-year loan at 3.080%
Interest already paid$37,066Through Nov 2026
Assumption only · ends Jun 2051$117,297
Assumption + second · ends Jun 2051, second Dec 2056$166,610
New conventional · ends Dec 2056$354,037