Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,847/mo
Lowest payment- Down payment
- $136,152
- Funds due
- $147,451
- Interest + MI left
- $111,984
- First ends
- Jun 2051
Assumption
Assumption + second
$2,588/mo
+$741/mo- Down payment
- $35,152
- Funds due
- $47,723
- Interest + MI left
- $277,780
- First ends
- Jun 2051
New loan
New conventional
$2,912/mo
+$1,065/mo- Down payment
- $35,152
- Funds due
- $44,347
- Interest + MI left
- $477,488
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $213,848 | $213,848 | $314,848 |
| Second mortgage | — | $101,000 | — |
| First P&I | $1,004.70 | $1,004.70 | $2,179.94 |
| Second P&I | — | $741.10 | — |
| Mortgage insurance | $172.98 | $172.98 | $62.97 |
| Taxes, insurance & HOA | $669.17 | $669.17 | $669.17 |
| Total housing payment | $1,846.84 | $2,587.95 | $2,912.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,152
Closing costs & prepaids$12,571
Usable credit−$0
Total buyer cash needed$47,723
Earnest money paid−$0
Remaining funds due$47,723
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$396.50
Initial HOA (3 months)$1,161.00
Prepaid interest, first (1 days)$16.46
Prepaid interest, second (1 days)$22.14
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 2.810%
Interest already paid$34,953Through Nov 2026
Assumption only · ends Jun 2051$111,984
Assumption + second · ends Jun 2051, second Dec 2056$277,780
New conventional · ends Dec 2056$477,488