Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,902/mo
Lowest payment- Down payment
- $48,522
- Funds due
- $58,643
- Interest + MI left
- $153,981
- First ends
- Aug 2051
Assumption
Assumption + second
$2,229/mo
+$326/mo- Down payment
- $16,522
- Funds due
- $27,904
- Interest + MI left
- $239,370
- First ends
- Aug 2051
New loan
New conventional
$2,574/mo
+$672/mo- Down payment
- $16,522
- Funds due
- $24,719
- Interest + MI left
- $477,096
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $281,473 | $281,473 | $313,473 |
| Second mortgage | — | $32,000 | — |
| First P&I | $1,335.09 | $1,335.09 | $2,170.42 |
| Second P&I | — | $326.08 | — |
| Mortgage insurance | $226.04 | $226.04 | $62.69 |
| Taxes, insurance & HOA | $341.33 | $341.33 | $341.33 |
| Total housing payment | $1,902.46 | $2,228.54 | $2,574.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,522
Closing costs & prepaids$11,382
Usable credit−$0
Total buyer cash needed$27,904
Earnest money paid−$0
Remaining funds due$27,904
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,299.95
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)$238.00
Initial HOA (3 months)$336.00
Prepaid interest, first (1 days)$22.67
Prepaid interest, second (1 days)$10.41
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 2.940%
Interest already paid$46,471Through Nov 2026
Assumption only · ends Aug 2051$153,981
Assumption + second · ends Aug 2051, second Dec 2056$239,370
New conventional · ends Dec 2056$477,096