Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,653/mo
Lowest payment- Down payment
- $115,643
- Funds due
- $126,079
- Interest + MI left
- $120,130
- First ends
- Jun 2051
Assumption
Assumption + second
$2,313/mo
+$660/mo- Down payment
- $33,643
- Funds due
- $45,349
- Interest + MI left
- $275,655
- First ends
- Jun 2051
New loan
New conventional
$2,558/mo
+$905/mo- Down payment
- $33,643
- Funds due
- $41,984
- Interest + MI left
- $449,234
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $214,257 | $214,257 | $296,257 |
| Second mortgage | — | $82,000 | — |
| First P&I | $1,033.17 | $1,033.17 | $2,051.22 |
| Second P&I | — | $659.79 | — |
| Mortgage insurance | $172.48 | $172.48 | $59.25 |
| Taxes, insurance & HOA | $447.83 | $447.83 | $447.83 |
| Total housing payment | $1,653.48 | $2,313.27 | $2,558.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,643
Closing costs & prepaids$11,706
Usable credit−$0
Total buyer cash needed$45,349
Earnest money paid−$0
Remaining funds due$45,349
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,299.00
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)$467.50
Initial HOA (3 months)$426.00
Prepaid interest, first (1 days)$17.90
Prepaid interest, second (1 days)$20.22
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 7 moOf the original 30-year loan at 3.050%
Interest already paid$37,916Through Nov 2026
Assumption only · ends Jun 2051$120,130
Assumption + second · ends Jun 2051, second Dec 2056$275,655
New conventional · ends Dec 2056$449,234