Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,111/mo
Lowest payment- Down payment
- $197,255
- Funds due
- $207,372
- Interest + MI left
- $81,170
- First ends
- Sep 2051
Assumption
Assumption + second
$2,299/mo
+$1,189/mo- Down payment
- $35,255
- Funds due
- $46,657
- Interest + MI left
- $347,101
- First ends
- Sep 2051
New loan
New conventional
$2,494/mo
+$1,384/mo- Down payment
- $35,255
- Funds due
- $43,270
- Interest + MI left
- $467,351
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $146,245 | $146,245 | $308,245 |
| Second mortgage | — | $162,000 | — |
| First P&I | $695.12 | $695.12 | $2,134.23 |
| Second P&I | — | $1,188.70 | — |
| Mortgage insurance | $117.09 | $117.09 | $61.65 |
| Taxes, insurance & HOA | $298.33 | $298.33 | $298.33 |
| Total housing payment | $1,110.54 | $2,299.24 | $2,494.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,255
Closing costs & prepaids$11,402
Usable credit−$0
Total buyer cash needed$46,657
Earnest money paid−$0
Remaining funds due$46,657
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,435.00
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)$310.00
Initial HOA (3 months)$135.00
Prepaid interest, first (1 days)$11.94
Prepaid interest, second (1 days)$35.51
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$24,045Through Nov 2026
Assumption only · ends Sep 2051$81,170
Assumption + second · ends Sep 2051, second Dec 2056$347,101
New conventional · ends Dec 2056$467,351