Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,199/mo
Lowest payment- Down payment
- $69,122
- Funds due
- $80,048
- Interest + MI left
- $179,452
- First ends
- Sep 2051
Assumption
Assumption + second
$2,432/mo
+$233/mo- Down payment
- $40,122
- Funds due
- $52,306
- Interest + MI left
- $234,455
- First ends
- Sep 2051
New loan
New conventional
$2,938/mo
+$739/mo- Down payment
- $40,122
- Funds due
- $48,894
- Interest + MI left
- $545,628
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $330,778 | $330,778 | $359,778 |
| Second mortgage | — | $29,000 | — |
| First P&I | $1,558.53 | $1,558.53 | $2,491.03 |
| Second P&I | — | $233.34 | — |
| Mortgage insurance | $265.23 | $265.23 | $71.96 |
| Taxes, insurance & HOA | $375.33 | $375.33 | $375.33 |
| Total housing payment | $2,199.09 | $2,432.43 | $2,938.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,122
Closing costs & prepaids$12,183
Usable credit−$0
Total buyer cash needed$52,306
Earnest money paid−$0
Remaining funds due$52,306
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)$505.00
Initial HOA (3 months)$171.00
Prepaid interest, first (1 days)$26.28
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 10 moOf the original 30-year loan at 2.900%
Interest already paid$52,967Through Nov 2026
Assumption only · ends Sep 2051$179,452
Assumption + second · ends Sep 2051, second Dec 2056$234,455
New conventional · ends Dec 2056$545,628