Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,437/mo
Lowest payment- Down payment
- $49,141
- Funds due
- $58,580
- Interest + MI left
- $94,238
- First ends
- Jul 2051
Assumption
Assumption + second
$1,654/mo
+$217/mo- Down payment
- $22,141
- Funds due
- $32,837
- Interest + MI left
- $145,448
- First ends
- Jul 2051
New loan
New conventional
$1,893/mo
+$456/mo- Down payment
- $22,141
- Funds due
- $29,585
- Interest + MI left
- $300,066
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $170,859 | $170,859 | $197,859 |
| Second mortgage | — | $27,000 | — |
| First P&I | $815.82 | $815.82 | $1,369.94 |
| Second P&I | — | $217.25 | — |
| Mortgage insurance | $137.42 | $137.42 | $39.57 |
| Taxes, insurance & HOA | $483.42 | $483.42 | $483.42 |
| Total housing payment | $1,436.65 | $1,653.90 | $1,892.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,141
Closing costs & prepaids$10,696
Usable credit−$0
Total buyer cash needed$32,837
Earnest money paid−$0
Remaining funds due$32,837
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,200.00
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)$214.25
Initial HOA (3 months)$786.00
Prepaid interest, first (1 days)$13.95
Prepaid interest, second (1 days)$6.66
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 8 moOf the original 30-year loan at 2.980%
Interest already paid$29,071Through Nov 2026
Assumption only · ends Jul 2051$94,238
Assumption + second · ends Jul 2051, second Dec 2056$145,448
New conventional · ends Dec 2056$300,066