Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,299/mo
Lowest payment- Down payment
- $157,884
- Funds due
- $170,264
- Interest + MI left
- $173,178
- First ends
- Aug 2051
Assumption
Assumption + second
$3,106/mo
+$807/mo- Down payment
- $47,884
- Funds due
- $61,538
- Interest + MI left
- $353,748
- First ends
- Aug 2051
New loan
New conventional
$3,567/mo
+$1,268/mo- Down payment
- $47,884
- Funds due
- $58,045
- Interest + MI left
- $640,083
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $312,116 | $312,116 | $422,116 |
| Second mortgage | — | $110,000 | — |
| First P&I | $1,488.52 | $1,488.52 | $2,922.65 |
| Second P&I | — | $807.14 | — |
| Mortgage insurance | $250.41 | $250.41 | $84.42 |
| Taxes, insurance & HOA | $559.75 | $559.75 | $559.75 |
| Total housing payment | $2,298.67 | $3,105.82 | $3,566.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,884
Closing costs & prepaids$13,654
Usable credit−$0
Total buyer cash needed$61,538
Earnest money paid−$0
Remaining funds due$61,538
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,700.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$801.25
Initial HOA (3 months)$378.00
Prepaid interest, first (1 days)$25.57
Prepaid interest, second (1 days)$24.11
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 9 moOf the original 30-year loan at 2.990%
Interest already paid$52,380Through Nov 2026
Assumption only · ends Aug 2051$173,178
Assumption + second · ends Aug 2051, second Dec 2056$353,748
New conventional · ends Dec 2056$640,083