Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,199/mo
Lowest payment- Down payment
- $168,519
- Funds due
- $180,596
- Interest + MI left
- $183,870
- First ends
- Sep 2051
Assumption
Assumption + second
$3,065/mo
+$866/mo- Down payment
- $50,519
- Funds due
- $63,872
- Interest + MI left
- $377,573
- First ends
- Sep 2051
New loan
New conventional
$3,560/mo
+$1,361/mo- Down payment
- $50,519
- Funds due
- $60,355
- Interest + MI left
- $681,275
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $331,281 | $331,281 | $449,281 |
| Second mortgage | — | $118,000 | — |
| First P&I | $1,574.62 | $1,574.62 | $3,110.73 |
| Second P&I | — | $865.84 | — |
| Mortgage insurance | $265.23 | $265.23 | $89.86 |
| Taxes, insurance & HOA | $359.08 | $359.08 | $359.08 |
| Total housing payment | $2,198.93 | $3,064.77 | $3,559.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,519
Closing costs & prepaids$13,353
Usable credit−$0
Total buyer cash needed$63,872
Earnest money paid−$0
Remaining funds due$63,872
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,998.00
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)$379.25
Initial HOA (3 months)$198.00
Prepaid interest, first (1 days)$27.05
Prepaid interest, second (1 days)$25.86
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$54,467Through Nov 2026
Assumption only · ends Sep 2051$183,870
Assumption + second · ends Sep 2051, second Dec 2056$377,573
New conventional · ends Dec 2056$681,275