Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,955/mo
Lowest payment- Down payment
- $115,484
- Funds due
- $126,399
- Interest + MI left
- $158,894
- First ends
- Oct 2051
Assumption
Assumption + second
$2,550/mo
+$595/mo- Down payment
- $41,484
- Funds due
- $53,667
- Interest + MI left
- $299,246
- First ends
- Oct 2051
New loan
New conventional
$2,964/mo
+$1,010/mo- Down payment
- $41,484
- Funds due
- $50,236
- Interest + MI left
- $558,806
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $294,516 | $294,516 | $368,516 |
| Second mortgage | — | $74,000 | — |
| First P&I | $1,379.95 | $1,379.95 | $2,551.53 |
| Second P&I | — | $595.42 | — |
| Mortgage insurance | $235.75 | $235.75 | $73.70 |
| Taxes, insurance & HOA | $338.92 | $338.92 | $338.92 |
| Total housing payment | $1,954.61 | $2,550.03 | $2,964.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,484
Closing costs & prepaids$12,183
Usable credit−$0
Total buyer cash needed$53,667
Earnest money paid−$0
Remaining funds due$53,667
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,100.00
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)$356.75
Initial HOA (3 months)$210.00
Prepaid interest, first (1 days)$23.16
Prepaid interest, second (1 days)$18.25
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 11 moOf the original 30-year loan at 2.870%
Interest already paid$45,875Through Nov 2026
Assumption only · ends Oct 2051$158,894
Assumption + second · ends Oct 2051, second Dec 2056$299,246
New conventional · ends Dec 2056$558,806