Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,155/mo
Lowest payment- Down payment
- $69,244
- Funds due
- $79,979
- Interest + MI left
- $183,981
- First ends
- Aug 2051
Assumption
Assumption + second
$2,389/mo
+$233/mo- Down payment
- $40,244
- Funds due
- $52,236
- Interest + MI left
- $238,984
- First ends
- Aug 2051
New loan
New conventional
$2,874/mo
+$718/mo- Down payment
- $40,244
- Funds due
- $48,823
- Interest + MI left
- $545,443
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $330,656 | $330,656 | $359,656 |
| Second mortgage | — | $29,000 | — |
| First P&I | $1,578.65 | $1,578.65 | $2,490.19 |
| Second P&I | — | $233.34 | — |
| Mortgage insurance | $265.23 | $265.23 | $71.93 |
| Taxes, insurance & HOA | $311.42 | $311.42 | $311.42 |
| Total housing payment | $2,155.30 | $2,388.64 | $2,873.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,244
Closing costs & prepaids$11,993
Usable credit−$0
Total buyer cash needed$52,236
Earnest money paid−$0
Remaining funds due$52,236
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.00
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)$259.25
Initial HOA (3 months)$225.00
Prepaid interest, first (1 days)$27.18
Prepaid interest, second (1 days)$7.15
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 9 moOf the original 30-year loan at 3.000%
Interest already paid$55,671Through Nov 2026
Assumption only · ends Aug 2051$183,981
Assumption + second · ends Aug 2051, second Dec 2056$238,984
New conventional · ends Dec 2056$545,443