Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,493/mo
Lowest payment- Down payment
- $134,456
- Funds due
- $147,138
- Interest + MI left
- $148,518
- First ends
- Jan 2051
Assumption
Assumption + second
$3,226/mo
+$732/mo- Down payment
- $43,456
- Funds due
- $57,411
- Interest + MI left
- $321,113
- First ends
- Jan 2051
New loan
New conventional
$3,597/mo
+$1,103/mo- Down payment
- $43,456
- Funds due
- $53,959
- Interest + MI left
- $578,561
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $290,544 | $290,544 | $381,544 |
| Second mortgage | — | $91,000 | — |
| First P&I | $1,376.95 | $1,376.95 | $2,641.73 |
| Second P&I | — | $732.21 | — |
| Mortgage insurance | $237.98 | $237.98 | $76.31 |
| Taxes, insurance & HOA | $878.50 | $878.50 | $878.50 |
| Total housing payment | $2,493.43 | $3,225.64 | $3,596.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,456
Closing costs & prepaids$13,955
Usable credit−$0
Total buyer cash needed$57,411
Earnest money paid−$0
Remaining funds due$57,411
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$760.50
Initial HOA (3 months)$1,425.00
Prepaid interest, first (1 days)$22.13
Prepaid interest, second (1 days)$22.44
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 2 moOf the original 30-year loan at 2.780%
Interest already paid$50,953Through Nov 2026
Assumption only · ends Jan 2051$148,518
Assumption + second · ends Jan 2051, second Dec 2056$321,113
New conventional · ends Dec 2056$578,561