Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,876/mo
Lowest payment- Down payment
- $45,699
- Funds due
- $55,786
- Interest + MI left
- $149,469
- First ends
- Sep 2051
Assumption
Assumption + second
$2,171/mo
+$296/mo- Down payment
- $16,699
- Funds due
- $28,046
- Interest + MI left
- $226,853
- First ends
- Sep 2051
New loan
New conventional
$2,505/mo
+$629/mo- Down payment
- $16,699
- Funds due
- $24,857
- Interest + MI left
- $453,885
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $269,301 | $269,301 | $298,301 |
| Second mortgage | — | $29,000 | — |
| First P&I | $1,280.02 | $1,280.02 | $2,065.38 |
| Second P&I | — | $295.51 | — |
| Mortgage insurance | $215.61 | $215.61 | $59.66 |
| Taxes, insurance & HOA | $380.00 | $380.00 | $380.00 |
| Total housing payment | $1,875.62 | $2,171.13 | $2,505.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,699
Closing costs & prepaids$11,346
Usable credit−$0
Total buyer cash needed$28,046
Earnest money paid−$0
Remaining funds due$28,046
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,150.00
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)$462.00
Initial HOA (3 months)$228.00
Prepaid interest, first (1 days)$21.99
Prepaid interest, second (1 days)$9.43
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$44,277Through Nov 2026
Assumption only · ends Sep 2051$149,469
Assumption + second · ends Sep 2051, second Dec 2056$226,853
New conventional · ends Dec 2056$453,885