Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,261/mo
Lowest payment- Down payment
- $138,816
- Funds due
- $148,853
- Interest + MI left
- $71,517
- First ends
- Apr 2051
Assumption
Assumption + second
$2,061/mo
+$800/mo- Down payment
- $29,816
- Funds due
- $41,127
- Interest + MI left
- $250,446
- First ends
- Apr 2051
New loan
New conventional
$2,323/mo
+$1,062/mo- Down payment
- $29,816
- Funds due
- $37,799
- Interest + MI left
- $402,116
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $156,184 | $156,184 | $265,184 |
| Second mortgage | — | $109,000 | — |
| First P&I | $699.46 | $699.46 | $1,836.08 |
| Second P&I | — | $799.80 | — |
| Mortgage insurance | $127.48 | $127.48 | $53.04 |
| Taxes, insurance & HOA | $434.08 | $434.08 | $434.08 |
| Total housing payment | $1,261.02 | $2,060.82 | $2,323.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,816
Closing costs & prepaids$11,311
Usable credit−$0
Total buyer cash needed$41,127
Earnest money paid−$0
Remaining funds due$41,127
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,950.00
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)$117.25
Initial HOA (3 months)$735.00
Prepaid interest, first (1 days)$10.16
Prepaid interest, second (1 days)$23.89
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 5 moOf the original 30-year loan at 2.375%
Interest already paid$22,296Through Nov 2026
Assumption only · ends Apr 2051$71,517
Assumption + second · ends Apr 2051, second Dec 2056$250,446
New conventional · ends Dec 2056$402,116