Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,736/mo
Lowest payment- Down payment
- $106,715
- Funds due
- $117,166
- Interest + MI left
- $134,974
- First ends
- Sep 2051
Assumption
Assumption + second
$2,308/mo
+$571/mo- Down payment
- $35,715
- Funds due
- $47,433
- Interest + MI left
- $269,636
- First ends
- Sep 2051
New loan
New conventional
$2,624/mo
+$888/mo- Down payment
- $35,715
- Funds due
- $44,053
- Interest + MI left
- $476,420
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $243,185 | $243,185 | $314,185 |
| Second mortgage | — | $71,000 | — |
| First P&I | $1,155.89 | $1,155.89 | $2,175.35 |
| Second P&I | — | $571.28 | — |
| Mortgage insurance | $194.70 | $194.70 | $62.84 |
| Taxes, insurance & HOA | $385.67 | $385.67 | $385.67 |
| Total housing payment | $1,736.25 | $2,307.53 | $2,623.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,715
Closing costs & prepaids$11,718
Usable credit−$0
Total buyer cash needed$47,433
Earnest money paid−$0
Remaining funds due$47,433
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.00
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)$467.00
Initial HOA (3 months)$240.00
Prepaid interest, first (1 days)$19.85
Prepaid interest, second (1 days)$17.51
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$39,983Through Nov 2026
Assumption only · ends Sep 2051$134,974
Assumption + second · ends Sep 2051, second Dec 2056$269,636
New conventional · ends Dec 2056$476,420